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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. As of December 31, 2020, and December 31, 2019, the Company was in compliance with its debt covenants. 0.035 0.039 233436000 322723000 9299000 20000000 59819000 39765000 50441000 59609000 147000 6000 26240000 27923000 1133000 1859000 224800000 38500000 7596000 0 49700000 57700000 0 45445000 17277000 2019-11-19 27500000 0.08 2024-12-31 Interest on the 2024 Notes is payable on the last day of February, May, August and November of each year 4125000 2020-02-29 59672000 1.02 1.01 2019-09-19 224310000 2 54800000 0.02 8125000 5833000 752000 4726000 2426000 776000 30000 67000 320000 2019-05-23 37000000 13000000 20 quarterly 4000000 450000 12000000 20 quarterly 400000 4000000 12000000 20 quarterly 400000 4000000 2019-12-10 2 22000000 22000000 20 quarterly 375000 3500000 0.039 LIBOR plus a margin LIBOR plus a margin payable at each quarter end date 0.03 230000000 20 quarterly 5200000 2019-12-12 126000000 2024-09-24 38000000 20 quarterly 1000000 18000000 2020-02-26 9000000 LIBOR plus a margin 0.042 monthly 156000 monthly 86000 1314000 2019-09-19 38500000 38500000 2024-09-24 1 0.1 0.1 quarterly 1 46000000 48271000 1.04938 11203000 14095000 238000000 2723000 180500000 180500000 1.02 38500000 38500000 1.02 15287000 59819000 28194000 0.9898 141900000 38600000 4 16 16 1.02 28560000 28000000 238000000 75500000 20054000 76681000 200032000 60284000 314894000 27812000 102236000 2021-01-31 2020-10-31 51063000 2020-12-31 2024-09-24 38500000 0 0.506 0.5718 0.8041 0.0685 0.1088 0 0.1413 0 0 0.1286 0 0 0.1113 0.112 1278000 2968000 7 225000 109000 2446000 1845000 184000 0 12580000 9160000 0 10000 0 0 0 720000 19 7 123000 0 222000 244032000 168881000 112889000 39770000 12933000 578505000 1 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. 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. 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). 2500 25 7613788 7.25 55200000 50710000 1400000 33497000 2014-09-22 42756 839442 428 8394 856000 18847000 3005603 38.75 Each Series C Preferred Share carries 38.75 votes and were converted in January 2021 after refinance of 2022 Notes to a total of 12,955,188 Class A common shares. 928908 1246096 P10Y 1812500 12500 100000000 1359375 317188 4 1359375 8 P0Y0M60D 11 P0Y0M60D 14 P0Y0M60D P3Y0M0D 3.79 3.79 25000 9.28 62500 25000 9.04 113279 0 7.92 112500 19.36 5 5 2 2 2019-03-31 2018-03-31 12500 12500 2019-03-31 2018-03-31 12500 12500 P0Y0M20D P0Y0M20D 24 24 0.2 0.2 32 32 60425 4266 4.45 4.95 3.79 0 45313 15883000 21685000 21685000 -15883000 19190000 17567000 17567000 -19190000 12955187 13003082 12955187 13006967 1.23 1.22 1.48 1.48 51780 47895 -12110000 -48316000 48316000 65388 47400 0 12110000 1632709 0 1632709 -7.42 -7.42 0 0 0 0 0 0 17687137 11859506 6514390 0 0 925745 2021-01-12 0.12 2021-01-07 236200000 2026-01-31 236200000 LIBOR plus a margin quarterly 20 6560000 21 7 6000000 116000000 0.07 26240000 233436000 1.02469 13 5400000 141959 36283468 354583 8721000 13505000 239200000 70200000 67794000 3545 0.02 0 61625 1421000 <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:540pt; border-collapse:collapse"><tr style="height:11.15pt"><td style="width:32.35pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">1</font><font style="font-family:Arial">.</font></p></td><td style="width:507.65pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Description of Business</font></p></td></tr></table><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="OLE_LINK4"><font style="font-family:'Times New Roman'">On August 14, 2008, Global Ship Lease, Inc. (the &#8220;Company&#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 (the &#8220;Marathon Merger&#8221;), changed its name to Global Ship Lease, Inc. and became listed on The New York Stock Exchange (the &#8220;NYSE&#8221;).</font></a></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">15, 2018, the Company completed a transformative transaction and acquired Poseidon Containers&#8217; 20 containerships, one of which, the Argos, was contracted to be sold, which sale was completed in December 2018, (the &#8220;Poseidon Transaction&#8221;). References herein to the &#8220;GSL Fleet&#8221; are to the 19 vessels that were owned by the Company prior to the consummation of the Poseidon Transaction, and references to the &#8220;Poseidon Fleet&#8221; are to the 19 vessels that the Company acquired as a result of the Poseidon Transaction, excluding the Argos. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company&#8217;s business is to own and charter out containerships to leading liner companies. As of December 31, 2020, the Company owned 43 vessels with average age weighted by TEU capacity of 13.7 years. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The following table provides information about the 43 vessels owned as at December 31, 2020.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:97.34%; border-collapse:collapse"><tr style="height:45.3pt"><td style="width:25.5%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Company Name (1)</font></p></td><td style="width:10.64%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fleet </font></p></td><td style="width:16.66%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Country of Incorporation</font></p></td><td style="width:16.8%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Vessel Name</font></p></td><td style="width:10.44%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Capacity in</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">TEUs (2)</font></p></td><td style="width:9.34%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year Built </font></p></td><td style="width:10.62%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Earliest Charter Expiry</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Date </font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 54 LLC</font></p></td><td style="width:10.64%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; 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text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2008</font></p></td><td style="width:10.62%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">4Q25</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Laertis Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; 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padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Anthea Y </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">9,115</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2015</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; 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padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2004</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">3Q24</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(3)</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 31 Limited</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#8212;</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL Kalliopi </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">7,847</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2004</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">4Q22</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(3)</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 32 Limited</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#8212;</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL Grania</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">7,847</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2004</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">4Q22</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(3)</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Alexander Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Mary</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">6,927</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2013</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">3Q23</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Hector Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Kristina</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">6,927</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2013</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2Q24</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Ikaros Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Katherine</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">6,927</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2013</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">1Q24</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Philippos Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Alexandra</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">6,927</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2013</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">1Q24</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Aristoteles Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Alexis</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">6,882</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2015</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">1Q24</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; 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padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2015</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">1Q24</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 48 LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">CMA CGM Berlioz </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">6,621</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2001</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2Q21</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Leonidas Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Agios Dimitrios </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">6,572</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2011</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">4Q23</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 35 LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL Nicoletta</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">6,840</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2002</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2Q21</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 36 LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL Christen</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">6,840</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2002</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">1Q21</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(4)</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 33 LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL Vinia</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">6,080</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2004</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">3Q24</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(5)</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 34 LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL Christel Elisabeth</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">6,080</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2004</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2Q24</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(5)</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Tasman Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Tasman </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">5,936</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2000</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">1Q22</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(6)</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Hudson Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Dimitris Y </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">5,936</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2000</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2Q22</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Drake Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Ian H </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">5,936</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2000</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">1Q21</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Hephaestus Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Dolphin II </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">5,095</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2007</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">1Q22</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Zeus One Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Orca I </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">5,095</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2006</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">1Q21</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(7)</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 47 LLC </font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL Ch&#226;teau d&#8217;If</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">5,089</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2007</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">4Q21</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">GSL Alcazar Inc. </font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">CMA CGM Alcazar</font><font style="font-family:'Times New Roman'">&#xa0; </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">5,089</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2007</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">3Q21</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 50 LLC </font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia </font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">CMA CGM Jamaica</font><font style="font-family:'Times New Roman'">&#xa0; </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">4,298</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2006</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">3Q22</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 49 LLC </font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia </font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">CMA CGM Sambhar</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">4,045</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2006</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">3Q22</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 51 LLC </font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia </font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">CMA CGM America</font><font style="font-family:'Times New Roman'">&#xa0; </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">4,045</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2006</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">3Q22</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 42 LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL Valerie </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2,824</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2005</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">3Q21</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Pericles Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Athena </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2,762</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2003</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">1Q21</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Aris Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Maira </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2,506</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2000</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">4Q20</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(8)</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Aphrodite Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Nikolas </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2,506</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2000</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">4Q20</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(8)</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Athena Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Newyorker </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2,506</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2001</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">1Q21</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 46 LLC </font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia </font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">La Tour</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2,272</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2001</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2Q21</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 38 LLC </font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Manet </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2,272</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2001</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">4Q21</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 40 LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Keta</font><font style="font-family:'Times New Roman'">&#xa0;&#xa0; </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2,207</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2003</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">3Q21</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 41 LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Julie</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2,207</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2002</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2Q21</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 45 LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Kumasi</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2,207</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2002</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">3Q21</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 44 LLC </font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marie Delmas </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2,207</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2002</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">3Q21</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:474.6pt; border-collapse:collapse"><tr style="height:10.05pt"><td style="width:463.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-style:italic">(1) All subsidiaries are 100% owned, either directly or indirectly;</font><font style="font-family:Arial; font-style:italic">&#xa0; </font></p></td></tr><tr style="height:10.05pt"><td style="width:463.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-style:italic">(2) Twenty-foot Equivalent Units;</font></p></td></tr><tr style="height:10.05pt"><td style="width:463.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-style:italic">(3) </font><font style="font-family:Arial; font-style:italic">GSL Eleni delivered 3Q2019 and is chartered for five years; GSL Kalliopi (delivered 4Q2019) and GSL Grania (delivered 3Q2019) are chartered for three years plus two successive periods of one year at the option of the charterer</font><font style="font-family:Arial; font-style:italic">;</font></p></td></tr><tr style="height:10.05pt"><td style="width:463.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-style:italic">(4) </font><font style="font-family:Arial; font-style:italic">GSL Christen is chartered for 2 &#8211; 10 months, at charterer&#8217;s option. The charter commenced in July 2020; </font></p></td></tr><tr style="height:10.05pt"><td style="width:463.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-style:italic">(5) </font><font style="font-family:Arial; font-style:italic">GSL Vinia and GSL Christel Elisabeth were delivered in December 2019 and are contracted on 52 &#8211; 60 months charters;</font></p></td></tr><tr style="height:10.05pt"><td style="width:463.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-style:italic">(6) 12-month extension at charterer&#8217;s option callable in 2Q2022;</font></p></td></tr><tr style="height:10.05pt"><td style="width:463.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-style:italic">(7)</font><font style="font-family:Arial; font-style:italic">&#xa0;</font><font style="font-family:Arial; font-style:italic">12 - 24 month charter (which commenced in June 2019), at charterer&#8217;s option;</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-style:italic">(8) Charter with MSC to November/December 2020, at which time the vessels were dry-docked.</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-style:italic">&#xa0;</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:100%; border-collapse:collapse"><tr style="height:11.15pt"><td style="width:6%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">3.</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:94%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Restricted Cash</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Restricted cash as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and 2019 consisted of the following:</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:467.95pt; border-collapse:collapse"><tr style="height:11.8pt"><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:78.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:6.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:67.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td></tr><tr style="height:11.8pt"><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Retention accounts</font></p></td><td style="width:9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">$ </font></p></td><td style="width:58.45pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">525</font></p></td><td style="width:6.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">$ </font></p></td><td style="width:49.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,024</font></p></td></tr><tr style="height:11.8pt"><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Cash collateral</font></p></td><td style="width:9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:58.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">300</font></p></td><td style="width:6.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:49.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">885</font></p></td></tr><tr style="height:11.8pt"><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Total Current Restricted Cash</font></p></td><td style="width:9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">$ </font></p></td><td style="width:58.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">825</font></p></td><td style="width:6.5pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:18pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">$ </font></p></td><td style="width:49.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">3,909</font></p></td></tr><tr style="height:7.5pt"><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold; font-style:italic">&#xa0;</font></p></td><td style="width:58.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:6.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:18pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold; font-style:italic">&#xa0;</font></p></td><td style="width:49.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold; font-style:italic">&#xa0;</font></p></td></tr><tr style="height:6.2pt"><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Cash collateral</font></p></td><td style="width:9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">$ </font></p></td><td style="width:58.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">6,953</font></p></td><td style="width:6.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:18pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">$ </font></p></td><td style="width:49.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><a name="OLE_LINK19"><font style="font-family:Arial">5,190</font></a></p></td></tr><tr style="height:11.8pt"><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Guarantee deposits</font></p></td><td style="width:9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:58.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">20</font></p></td><td style="width:6.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:18pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:49.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">10</font></p></td></tr><tr style="height:11.8pt"><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Restricted bank deposits/Drydock reserves</font></p></td><td style="width:9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:58.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,207</font></p></td><td style="width:6.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:18pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:49.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">503</font></p></td></tr><tr style="height:11.8pt"><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Cash in custody</font></p></td><td style="width:9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:58.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">500</font></p></td><td style="width:6.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:18pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:49.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:11.8pt"><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Total Non - Current Restricted Cash</font></p></td><td style="width:9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold; font-style:italic">&#xa0;</font></p></td><td style="width:58.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">10,680</font></p></td><td style="width:6.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:18pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold; font-style:italic">&#xa0;</font></p></td><td style="width:49.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">5,703</font></p></td></tr><tr style="height:11.8pt"><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Total Current and Non - Current Restricted Cash</font></p></td><td style="width:9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">$ </font></p></td><td style="width:58.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">11,505</font></p></td><td style="width:6.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:18pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">$ </font></p></td><td style="width:49.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">9,612</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tr style="height:11.15pt"><td style="width:32.35pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">5.</font></p></td><td style="width:435.45pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Deferred charges, net</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Deferred charges, net as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and 2019 consisted of the following:</font></p><table cellspacing="0" cellpadding="0" style="width:98.42%; border-collapse:collapse"><tr style="height:12.65pt"><td style="width:81.08%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:11pt"><a name="DM_MAP_a59ad5b9a75343df8bca0be09282ba71"><font style="font-family:Arial">&#xa0;</font></a></p></td><td colspan="2" rowspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Dry &#8211; </font><font style="font-family:Arial; font-weight:bold">docking Costs </font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:3.7pt"><td style="width:81.08%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.65pt"><td style="width:81.08%; border-bottom:2.25pt double #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">As of January 1, 2019</font></p></td><td style="width:3.44%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:15.46%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">9,569</font></p></td></tr><tr style="height:12.65pt"><td style="width:81.08%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:3.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.46%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">11,066</font></p></td></tr><tr style="height:12.65pt"><td style="width:81.08%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Amortization</font></p></td><td style="width:3.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:27pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.46%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(4,169)</font></p></td></tr><tr style="height:12.65pt"><td style="width:81.08%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Write &#8211; off</font></p></td><td style="width:3.44%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:27pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.46%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(58)</font></p></td></tr><tr style="height:12.65pt"><td style="width:81.08%; border-bottom:2.25pt double #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">As of December 31, 2019</font></p></td><td style="width:3.44%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:15.46%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">16,408</font></p></td></tr><tr style="height:12.65pt"><td style="width:81.08%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:3.44%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.46%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">12,401</font></p></td></tr><tr style="height:12.65pt"><td style="width:81.08%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Amortization</font></p></td><td style="width:3.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:27pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.46%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(5,820)</font></p></td></tr><tr style="height:12.65pt"><td style="width:81.08%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Write &#8211; off</font></p></td><td style="width:3.44%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:27pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.46%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(38)</font></p></td></tr><tr style="height:12.65pt"><td style="width:81.08%; border-bottom:2.25pt double #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">As of December 31, 2020</font></p></td><td style="width:3.44%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:15.46%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">22,951</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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. </font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:467.8pt; border-collapse:collapse"><tr style="height:11.15pt"><td style="width:32.35pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">6.</font></p></td><td style="width:435.45pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Intangible Assets/Liabilities &#8211; Charter Agreements</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-size:9pt">Intangible Liabilities &#8211; Charter Agreements as of December</font><font style="font-family:'Times New Roman'; font-size:9pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:9pt">31, 2020 and 2019</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'; font-size:9pt">consisted of the following:</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:467pt; border-collapse:collapse"><tr style="height:12.3pt"><td style="width:264.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:11pt"><a name="DM_MAP_bfbb4ee316a842648fdc06104e40b582"><font style="font-family:Arial">&#xa0;</font></a></p></td><td style="width:3.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:71.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2020</font></p></td><td style="width:3.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:69.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td></tr><tr style="height:12.3pt"><td style="width:264.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Opening balance</font></p></td><td style="width:3.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:56.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">6,470</font></p></td><td style="width:3.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.55pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:53.1pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">8,470</font></p></td></tr><tr style="height:12.3pt"><td style="width:264.75pt; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Amortization in the period</font></p></td><td style="width:3.8pt; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:56.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(2,008)</font></p></td><td style="width:3.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:53.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(2,000)</font></p></td></tr><tr style="height:12.3pt"><td style="width:264.75pt; border-bottom:2.25pt double #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Closing balance</font></p></td><td style="width:3.8pt; border-bottom:2.25pt double #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:3.75pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:56.65pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">4,462</font></p></td><td style="width:3.8pt; border-bottom:2.25pt double #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.55pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:53.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">6,470</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Intangible liabilities relate to management&#8217;s estimate of the fair value of below-market charters on August 14, 2008, the date of the Marathon Merger (see note 1). </font><a name="OLE_LINK2"><font style="font-family:'Times New Roman'">These intangible liabilities, which are related to five vessels as at December 31, 2020, are being amortized over the remaining term of the relevant charter, giving rise to an increase in time charter revenue.</font></a></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-size:9pt">Intangible Assets &#8211; Charter Agreements as of December</font><font style="font-family:'Times New Roman'; font-size:9pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:9pt">31, 2020 and 2019</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'; font-size:9pt">consisted of the following:</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:470.45pt; border-collapse:collapse"><tr style="height:12.2pt"><td style="width:265.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:11pt"><a name="DM_MAP_b54804ccabe044afac0f5408e3be18f0"><font style="font-family:Arial; color:#008080">&#xa0;</font></a></p></td><td style="width:3.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:75.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2020</font></p></td><td style="width:1.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:70.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td></tr><tr style="height:12.2pt"><td style="width:265.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Opening balance</font></p></td><td style="width:3.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.8pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:60.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1,467</font></p></td><td style="width:1.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.8pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:56.8pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial">5,400 </font></p></td></tr><tr style="height:12.2pt"><td style="width:265.35pt; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Amortization in the period</font></p></td><td style="width:3.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:60.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">(1,467)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:56.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(3,933)</font></p></td></tr><tr style="height:12.2pt"><td style="width:265.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Closing balance</font></p></td><td style="width:3.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:3.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:60.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold"> </font></p></td><td style="width:1.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:56.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">1,467</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Intangible assets were derived from the management&#8217;s estimate of the fair value of above-market charters. These intangible assets, were 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 (Note 1) as of December 31, 2019, was fully amortized during the second quarter of 2020.</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:467.8pt; border-collapse:collapse"><tr style="height:11.15pt"><td style="width:32.35pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">7.</font></p></td><td style="width:435.45pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Prepaid Expenses and Other Current Assets</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-size:9pt">Prepaid Expenses and Other Current Assets as of December</font><font style="font-family:'Times New Roman'; font-size:9pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:9pt">31, 2020 and December</font><font style="font-family:'Times New Roman'; font-size:9pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:9pt">31, 2019</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'; font-size:9pt">consisted of the following:</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:98.14%; border-collapse:collapse"><tr style="height:11.7pt"><td style="width:63.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31, 2020</font></p></td><td style="width:3.1%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31, </font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td></tr><tr style="height:11.7pt"><td style="width:63.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Insurance and other claims</font></p></td><td style="width:2.82%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:14.02%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">762</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:13.34%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1,709</font></p></td></tr><tr style="height:11.7pt"><td style="width:63.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Advances to suppliers and other assets</font></p></td><td style="width:2.82%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.02%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">2,329</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4,964</font></p></td></tr><tr style="height:11.7pt"><td style="width:63.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Prepaid insurances</font></p></td><td style="width:2.82%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.02%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">584</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">998</font></p></td></tr><tr style="height:11.7pt"><td style="width:63.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Other (includes scrubber equipment and installation claim)</font></p></td><td style="width:2.82%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.02%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,036</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.34%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">461</font></p></td></tr><tr style="height:11.7pt"><td style="width:63.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:2.82%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:14.02%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">6,711 </font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:13.34%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">8,132</font></p></td></tr><tr style="height:0pt"><td style="width:297pt"></td><td style="width:13.25pt"></td><td style="width:65.9pt"></td><td style="width:14.55pt"></td><td style="width:1.4pt"></td><td style="width:13.05pt"></td><td style="width:2.15pt"></td><td style="width:62.6pt"></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:467.8pt; border-collapse:collapse"><tr style="height:11.15pt"><td style="width:32.35pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">8.</font></p></td><td style="width:435.45pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Inventories</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-size:9pt">Inventories as of December</font><font style="font-family:'Times New Roman'; font-size:9pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:9pt">31, 2020 and December</font><font style="font-family:'Times New Roman'; font-size:9pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:9pt">31, 2019</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'; font-size:9pt">consisted of the following:</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:100%; border-collapse:collapse"><tr style="height:11.35pt"><td style="width:61.84%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31, 2020</font></p></td><td style="width:2.88%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.94%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31, </font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td></tr><tr style="height:11.35pt"><td style="width:61.84%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Bunkers</font></p></td><td style="width:3.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:13.74%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">521</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:14.94%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">251</font></p></td></tr><tr style="height:11.35pt"><td style="width:61.84%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Lubricants</font></p></td><td style="width:3.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.74%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4,223</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.94%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4,331</font></p></td></tr><tr style="height:11.35pt"><td style="width:61.84%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Stores</font></p></td><td style="width:3.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.74%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1,291</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.94%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">777</font></p></td></tr><tr style="height:11.35pt"><td style="width:61.84%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Victualling</font></p></td><td style="width:3.2%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.74%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">281</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.94%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">236</font></p></td></tr><tr style="height:11.35pt"><td style="width:61.84%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:3.2%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:13.74%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">6,316</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:3.2%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:14.94%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">5,595</font></p></td></tr><tr style="height:0pt"><td style="width:289.4pt"></td><td style="width:14.95pt"></td><td style="width:64.3pt"></td><td style="width:13.5pt"></td><td style="width:1pt"></td><td style="width:14.95pt"></td><td style="width:69.9pt"></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tr style="height:11.15pt"><td style="width:32.35pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">12</font><font style="font-family:Arial">.</font></p></td><td style="width:507.65pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Time charter revenue</font></p></td></tr></table><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Operating revenue from significant customers (constituting more than 10% of total time charter revenue) was as follows:</font></p><table cellspacing="0" cellpadding="0" style="width:463.95pt; border-collapse:collapse"><tr style="height:13.6pt"><td style="width:238.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="5" style="width:203.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:13.6pt"><td style="width:238.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="5" style="width:203.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Year Ended December 31,</font></p></td></tr><tr style="height:13.6pt"><td style="width:238.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Charterer</font></p></td><td style="width:53pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:3.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:52.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:3.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">2018</font></p></td></tr><tr style="height:13.6pt"><td style="width:238.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">CMA CGM</font></p></td><td style="width:53pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">50.60%</font></p></td><td style="width:3.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:52.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">57.18%</font></p></td><td style="width:3.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">80.41%</font></p></td></tr><tr style="height:13.6pt"><td style="width:238.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">COSCO</font></p></td><td style="width:53pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">6.85%</font></p></td><td style="width:3.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:52.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">10.88%</font></p></td><td style="width:3.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:13.6pt"><td style="width:238.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">MAERSK</font></p></td><td style="width:53pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">14.13%</font></p></td><td style="width:3.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:52.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:3.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:13.6pt"><td style="width:238.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">MSC</font></p></td><td style="width:53pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">12.86%</font></p></td><td style="width:3.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:52.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:3.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tr style="height:11.15pt"><td style="width:32.35pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">14.</font></p></td><td style="width:507.65pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Commitments and Contingencies </font></p></td></tr></table><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Charter Hire Receivable </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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, 2020 is as follows:</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:467.8pt; border-collapse:collapse"><tr style="height:12.55pt"><td style="width:336.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><a name="OLE_LINK17"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></a></p></td><td style="width:9.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:89.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Amount</font></p></td></tr><tr style="height:12.55pt"><td style="width:336.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">December 31, 2021</font></p></td><td style="width:9.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:89.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">244,032</font></p></td></tr><tr style="height:12.55pt"><td style="width:336.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">December 31, 2022</font></p></td><td style="width:9.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:89.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">168,881</font></p></td></tr><tr style="height:12.55pt"><td style="width:336.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">December 31, 2023</font></p></td><td style="width:9.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:89.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">112,889</font></p></td></tr><tr style="height:12.55pt"><td style="width:336.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">December 31, 2024</font></p></td><td style="width:9.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:89.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">39,770</font></p></td></tr><tr style="height:12.55pt"><td style="width:336.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Thereafter</font></p></td><td style="width:9.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:89.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">12,933</font></p></td></tr><tr style="height:13.25pt"><td style="width:336.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Total minimum lease revenue, net of address commissions </font></p></td><td style="width:9.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:89.55pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">578,505</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:540pt; border-collapse:collapse"><tr style="height:11.15pt"><td style="width:32.35pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">15</font><font style="font-family:Arial">.</font></p></td><td style="width:507.65pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Share Capital</font></p></td></tr></table><p style="margin-top:9.9pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Common shares</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2020, the Company has one class of common shares. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On March 25, 2019, the Company effected a one-for-eight reverse stock split of the Company&#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&#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&#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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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 were converted in January 2021 after refinance of 2022 Notes to a total of 12,955,188 Class A common shares. They are entitled to a dividend only should such a dividend be declared on the Class A common shares. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Restricted stock units or incentive stock units have been granted periodically to the Directors and management, under the Company&#8217;s Equity Incentive Plans, as part of their compensation arrangements (see note 16). In April 2020, 184,270 shares were issued under grants made under the Equity Incentive Plan.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Preferred shares</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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 additional depositary shares, each of which represents 1/100th of one share of the Company&#8217;s</font><font style="font-family:'Times New Roman'">&#xa0; </font><font style="font-family:'Times New Roman'">Series B Preferred Shares (the &#8220;Depositary Share ATM Program&#8221;). Pursuant to the Depositary Share ATM Program, in 2019, the Company issued 42,756 depositary shares (representing an interest in 428 Series B Preferred Shares) for net proceeds of $856, and during year ended December 31, 2020, the Company issued 839,442 depositary shares (representing an interest in 8,394 Series B Preferred Shares) for net proceeds of $18,847. As of December 31, 2020, the Company had 22,822 Series B Preferred Shares outstanding.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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).</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:540pt; border-collapse:collapse"><tr style="height:11.15pt"><td style="width:32.35pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">17</font><font style="font-family:Arial">.</font></p></td><td style="width:507.65pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Earnings/(Loss) per Share</font></p></td></tr></table><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">A common shareholders and Series C preferred shareholders. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">At December 31, 2020 and 2019, there were 928,908 and 1,246,096 shares, respectively, of restricted stock units granted and unvested as part of management&#8217;s equity incentive plan. At December 31, 2018, there were no unvested awards under any of the Company&#8217;s incentive plans. As at December 31, 2017, there were 62,500 restricted stock units granted and unvested as part of management&#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.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:517.75pt; border-collapse:collapse"><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold; font-style:italic">Numerator:</font></p></td><td style="width:1.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31, 2020</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:62.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31, 2019</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:57.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31, 2018</font></p></td></tr><tr style="height:12.45pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Net income/(loss) attributable to common shareholders</font></p></td><td style="width:1.65pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:54.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">37,568</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:62.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial">36,757</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:57.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">(60,426)</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Undistributed (income)/ loss attributable to Series C participating preferred shares</font></p></td><td style="width:1.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">(15,883)</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">(19,190)</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">12,110</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Net income/(loss) available to common shareholders, basic and diluted</font></p></td><td style="width:1.65pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">21,685</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">17,567</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">(48,316)</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Net income/(loss) available to:</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Class A, basic and diluted</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:18pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">21,685</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">17,567</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(48,316)</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Class B, basic and diluted</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:18pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold; font-style:italic">Denominator:</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Class A Common shares</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:10.4pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Basic weighted average number of common shares outstanding </font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">17,687,137</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">11,859,506</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">6,514,390</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Weighted average number of RSUs without service conditions </font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Dilutive effect of share-based awards</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Common share and common share equivalents, basic</font></p></td><td style="width:1.65pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">17,687,137</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">11,859,506</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">6,514,390</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Plus weighted average number of RSUs with service conditions</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">65,388</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">47,400</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Common share and common share equivalents, dilutive</font></p></td><td style="width:1.65pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">17,752,525</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">11,906,906</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">6,514,390</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.65pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Class B Common shares</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Basic weighted average number of common shares outstanding</font></p></td><td style="width:1.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">925,745</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Common shares, basic and diluted</font></p></td><td style="width:1.65pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:54.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:62.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:57.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">925,745</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Basic earnings/(loss) per share:</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Class A </font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1.23</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1.48</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(7.42)</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Class B</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Diluted earnings/(loss) per share:</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Class A</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1.22</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1.48</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(7.42)</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Class B</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Series C Preferred Shares-basic and diluted earnings per share:</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Undistributed income attributable to Series C participating preferred shares</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">15,883</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">19,190</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(12,110)</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Basic weighted average number of Series C Preferred shares outstanding, as converted</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">12,955,187</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">12,955,187</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1,632,709</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Plus weighted average number of RSUs with service conditions</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">47,895</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">51,780</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Dilutive weighted average number of Series C Preferred shares outstanding, as converted</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">13,003,082</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">13,006,967</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1,632,709</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Basic earnings / (loss) per share</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1.23</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1.48</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(7.42)</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Diluted earnings / (loss) per share</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1.22</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1.48</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(7.42)</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:540pt; border-collapse:collapse"><tr style="height:11.15pt"><td style="width:32.35pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">18</font><font style="font-family:Arial">.</font></p></td><td style="width:507.65pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt"><a name="n15_subsequent_events_12157174"></a><font style="font-family:Arial; font-weight:bold">Subsequent events</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:12pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On January 12, 2021, the Company announced that Board of Directors approved the initiation of a quarterly cash dividend of $0.12 per Class A Common Share, with effect from the first quarter of 2021.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On January 7, 2021, the Company entered into a new $236,200 senior secured loan facility with Hayfin Capital Management, LLP (the &#8220;New Hayfin Facility&#8221;), and on January 19, 2021, the Company drew down the full amount under the New Hayfin Facility. The proceeds from the New Hayfin Facility, along with cash on hand, were used to optionally redeem in full the outstanding 2022 Notes on January 20, 2021 (see below). The New Hayfin Facility matures in January 2026 and bears interest at a rate of LIBOR plus a margin of 7.00% per annum. It is repayable in twenty quarterly installments of $6,560, along with a balloon payment at maturity. The New Hayfin Facility is secured by, among other things, first priority ship mortgages over 21 of the Company&#8217;s vessels, assignments of earnings and insurances of the mortgaged vessels, pledges over certain bank accounts, as well as share pledges over the equity interests of each mortgaged vessel-owning subsidiary. In addition to reducing the Company&#8217;s interest costs, the re-financing also reduces amortization payments, from $35,000 per year under the 2022 Notes, to $26,240 per year under the New Hayfin Facility and with no premium comparing to 2% under the Company&#8217;s 2022 Notes. Furthermore, the re-financing has eliminated the incurrence covenants applicable under the 2022 Notes, meaningfully reducing constraints on developing the business.</font><font style="font-family:'Times New Roman'">&#xa0; </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On January 20, 2021, the Company optionally redeemed, in full, $233,436 aggregate principal amount of 2022 Notes, representing the entire outstanding amount under the 2022 Notes, using the proceeds the Company received from the New Hayfin Facility and cash on hand, at a redemption price of $239,200 (representing 102.469% of the aggregate principal amount of notes redeemed) plus accrued and unpaid interest.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On January 20, 2021, upon the redemption in full of the 2022 Notes, KEP VI (Newco Marine) Ltd. and KIA VIII (Newco Marine) Ltd. (together, &#8220;Kelso&#8221;), both affiliates of Kelso &amp; Company, a U.S. private equity firm, exercised their right to convert an aggregate of 250,000 Series C Perpetual Convertible Preferred Shares, representing all such shares outstanding, into Class A common shares of the Company, resulting in issuance of an aggregate of 12,955,188 Class A common shares to Kelso. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On January 26, 2021, the Company completed its underwritten public offering of 5,400,000 Class A common shares, at a public offering price of $13.00 per share, for gross proceeds to the Company of approximately</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">$70,200, prior to deducting underwriting discounts, commissions and other offering expenses. The Company intends to use the net proceeds of the offering for funding the expansion of the Company&#8217;s fleet, general corporate purposes, and working capital. On February 17, 2021, the Company issued an additional 141,959 Class A common shares in connection with the underwriters&#8217; partial exercise of their option to purchase additional shares (together, the &#8220;January 2021 Equity Offering&#8221;). The net proceeds, the Company received in the January 2021 Equity Offering, after underwriting discounts and commissions and expenses, were approximately $67,794. Following the closing of the January 2021 Equity offering, the Company has 36,283,468 Class A common shares outstanding.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:9pt">On February 9, 2021, the Company announced that it has agreed to purchase and charter back seven 6,000 TEU Post-Panamax containerships with an average age of approximately 20 years for an aggregate purchase price of $116,000.</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'; font-size:9pt">The charters are to leading liner operators for a minimum firm period of 36 months each, followed by two one-year extensions at charterer&#8217;s option. With these additions, the Company&#8217;s fleet will comprise 50 vessels with a total capacity of 287,280 TEU.</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'; font-size:9pt">The vessels are scheduled for phased delivery during the second and third quarters of 2021, at which time they will be renamed GSL Arcadia, GSL Dorothea, GSL Maria, GSL Melita, GSL MYNY, GSL Tegea and GSL Violetta. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">After the year end and up to March 17, 2021, the Company issued and sold an aggregate of 354,583 depositary shares (representing an interest in 3,545 Series B Preferred Shares) in connection with the At Market Issuance Sales Agreement for net proceeds of $8,721.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">During the period from January 1, 2021 through March 17, 2021, a further $13,505 proceeds was raised under the ATM program for the 2024 Notes.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On March 11, 2021, the Board of Directors approved additional awards of 61,625 of Class A common shares under 2019 Plan resulting in a total amount of awards totaling up to 1,421,000 shares.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">16.</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Share-Based Compensation</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">In July 2019, the Compensation Committee of the Board of Directors approved stock-based awards to senior management under the Company&#8217;s 2019 Omnibus Incentive Plan (the &#8220;2019 Plan&#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&#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 and the $11.00 threshold was achieved in January 2021.</font><font style="font-family:'Times New Roman'">&#xa0; </font><font style="font-family:'Times New Roman'">Accordingly, 113,279 incentive shares vested in the year ended December 31, 2019 and 317,188 incentive shares vested in the year ended December 31, 2020.</font><font style="font-family:'Times New Roman'">&#xa0; </font><font style="font-family:'Times New Roman'">Of the total of 430,467 which vested, 184,270 were settled and were issued as Class A common shares in April 2020.</font><font style="font-family:'Times New Roman'">&#xa0; </font><font style="font-family:'Times New Roman'">A further 45,313 Class A common shares were issued in January 2021.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On February 4, 2019, the </font><a name="_Hlk23508917"><font style="font-family:'Times New Roman'">2019 Plan </font></a><font style="font-family:'Times New Roman'">was adopted, and the 2015 Plan and its predecessor plan from 2008 were terminated.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The 2019 Plan is administered by the Compensation Committee of the Board. The maximum aggregate number of Class</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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. 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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Restricted stock units were granted to five members of management on March</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019 and was not for cause. The second tranche (12,500 restricted stock units) would also vest after March</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2021. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Restricted stock units were granted to five members of management on January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 and was not for cause. The second tranche (12,500 restricted stock units) would also vest after March</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Share based awards, are summarized as follows:</font></p><table cellspacing="0" cellpadding="0" style="width:479.15pt; border-collapse:collapse"><tr style="height:12.1pt"><td style="width:158.05pt; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:11pt"><a name="DM_MAP_cd5143ea502648d1979b2bad42723118"><font style="font-family:Arial">&#xa0;</font></a></p></td><td style="width:3.3pt; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="8" style="width:285.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Restricted Stock Units</font></p></td></tr><tr style="height:12.1pt"><td style="width:158.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:3.3pt; border-top:1pt solid #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="8" style="width:285.4pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">Number of Units</font></p></td></tr><tr style="height:51.65pt"><td style="width:158.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:66.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">Number</font></p></td><td colspan="2" style="width:11.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:87.75pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">Weighted</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">Average</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">Fair Value</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">on Grant</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">Date</font></p></td><td style="width:3.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:73.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">Actual</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">Fair</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">Value on</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">Vesting</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">Date</font></p></td></tr><tr style="height:12.1pt"><td style="width:158.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Unvested as at January 1, 2018</font></p></td><td style="width:3.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:61.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">62,500</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:66.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">19.36</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:73.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">n/a</font></p></td></tr><tr style="height:12.1pt"><td style="width:158.05pt; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Granted on January 8, 2018</font></p></td><td style="width:3.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:61.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">25,000</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:66.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">9.28</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:73.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">n/a</font></p></td></tr><tr style="height:12.1pt"><td style="width:158.05pt; border-top:1pt solid #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Granted on March 1, 2018</font></p></td><td style="width:3.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:61.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">25,000</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:66.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">9.04</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:73.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">n/a</font></p></td></tr><tr style="height:12.1pt"><td style="width:158.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Vested on November 15, 2018</font></p></td><td style="width:3.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:61.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(112,500)</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:11pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:66.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">n/a</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:73.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">7.92</font></p></td></tr><tr style="height:12.1pt"><td style="width:158.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Unvested as at December 31, 2018</font></p></td><td style="width:3.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:61.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:66.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:73.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font></p></td></tr><tr style="height:12.1pt"><td style="width:158.05pt; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Granted in July 2019</font></p></td><td style="width:3.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:61.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1,359,375</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:66.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3.79</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:73.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">n/a</font></p></td></tr><tr style="height:12.1pt"><td style="width:158.05pt; border-top:1pt solid #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Vested in 2019</font></p></td><td style="width:3.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:61.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">113,279</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:66.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:73.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4.95</font></p></td></tr><tr style="height:12.1pt"><td style="width:158.05pt; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Unvested as at December 31, 2019</font></p></td><td style="width:3.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.1pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:61.85pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1,246,096</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:66.55pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3.79</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:73.3pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">n/a</font></p></td></tr><tr style="height:12.1pt"><td style="width:158.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Vested in 2020</font></p></td><td style="width:3.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:61.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">317,188</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:66.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:73.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4.45</font></p></td></tr><tr style="height:12.1pt"><td style="width:158.05pt; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Unvested as at December 31, 2020</font></p></td><td style="width:3.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:61.85pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">928,908</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.4pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:66.55pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3.79</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:73.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">n/a</font></p></td></tr><tr style="height:0pt"><td style="width:168.85pt"></td><td style="width:14.1pt"></td><td style="width:12.9pt"></td><td style="width:64.7pt"></td><td style="width:7.95pt"></td><td style="width:14pt"></td><td style="width:21.2pt"></td><td style="width:77.35pt"></td><td style="width:14pt"></td><td style="width:84.1pt"></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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&#8217;s personal tax liabilities under UK tax legislation, based on a fair value per share of $7.92.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">During the year ended December 31, 2018, 4,266 shares were issued under the 2015 Plan, representing 20% of directors&#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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">During the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, the Company recognized a total of $1,998 (2019: $1,717 and 2018: $50), in respect of stock based compensation.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-right:0.2pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">13.</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Related Party Transactions</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">CMA CGM is presented as a related party due to the fact that as of December 31, 2020 and December 31, 2019, it was a significant shareholder of the Company, owning Class A common shares representing 11.13% and 11.20% of voting rights, respectively, 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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; text-decoration:underline">Time Charter Agreements</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">A number of the Company&#8217;s time charter arrangements are with CMA CGM. Under these time charters, hire is payable in advance as in every charter and the daily rate is fixed for the duration of the charter. 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 &quot;Due from related parties&quot; totaling $1,278 and $2,968 as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019, respectively.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; text-decoration:underline">Ship Management Agreements</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Technomar Shipping Inc. (&#8220;Technomar&#8221;) is presented as a related party, as the Company&#8217;s Executive Chairman is a significant shareholder. The Company has currently ship management agreement with Technomar for all fleet 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. During 2019, the ship management of certain vessels was undertaken by other third party companies, including CMA Ships, an affiliate of CMA CGM. As of December 31, 2020, and 2019, the management of the Company&#8217;s fleet was performed solely by Technomar.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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 (&#8220;CMA Ships&#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. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The management fees charged to the Company by Technomar and CMA Ships for the year ended December 31, 2020 amounted to $12,580 and $nil, respectively (year ended December 31, 2019: Technomar-$9,160 and CMA Ships-$720) and are shown in vessel operating expenses-related parties in the Consolidated Statements of Operations. As of December 31, 2020, no outstanding fees are presented due to Technomar and CMA Ships (December 31, 2019: Technomar: $nil and CMA Ships: $nil). Additionally, as of December 31, 2020, outstanding receivables due from Technomar and CMA Ships totaling to $184 and $10 respectively are presented under &#8220;Due from related parties&#8221;.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Conchart Commercial Inc. (&#8220;Conchart&#8221;) provides commercial management services to the Company and is presented as a related party, as the Company&#8217;s Executive Chairman is the sole beneficial owner. Under the management agreements, Conchart, is responsible for (i) marketing of the Company&#8217;s vessels, (ii) seeking and negotiating employment of the Company&#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, till refinance of 2022 Notes which took place on January 2021 an EBSA agreement was in place that was terminated and replaced with commercial management agreements also same agreements applied to seven vessels up to December 31, 2020; for all new acquired vessels during 2019 and 2020, the agreements were effective upon acquisition. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The fees charged to the Company by Conchart for the year ended December 31, 2020 amounted to $2,446 (2019: $1,845 and 2018: $222) and are disclosed within time charter and voyage costs-related parties in the Consolidated Statements of Operations.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Any outstanding fees due to Conchart are presented in the Consolidated Balance Sheets under &quot;Due to related parties&quot; totaling to $225 and $109 as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and 2019, respectively.</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:467.8pt; border-collapse:collapse"><tr style="height:11.15pt"><td style="width:32.35pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">10.</font></p></td><td style="width:435.45pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Accrued Liabilities</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-size:9pt">Accrued liabilities as of December</font><font style="font-family:'Times New Roman'; font-size:9pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:9pt">31, 2020 and 2019</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'; font-size:9pt">consisted of the following:</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:100%; border-collapse:collapse"><tr style="height:11.35pt"><td style="width:61.54%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-style:italic">&#xa0;</font></p></td><td style="width:3.24%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-style:italic">&#xa0;</font></p></td><td style="width:15.04%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31, 2020</font></p></td><td style="width:2.88%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.24%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.08%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31, 2019</font></p></td></tr><tr style="height:11.35pt"><td style="width:61.54%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Accrued expenses</font></p></td><td style="width:3.24%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:15.04%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">15,133</font></p></td><td style="width:2.88%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.24%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:14.08%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">16,047</font></p></td></tr><tr style="height:11.35pt"><td style="width:61.54%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Accrued interest</font></p></td><td style="width:3.24%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.04%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,994</font></p></td><td style="width:2.88%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.24%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.08%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">6,869</font></p></td></tr><tr style="height:11.35pt"><td style="width:61.54%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:3.24%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:15.04%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">19,127</font></p></td><td style="width:2.88%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:3.24%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:14.08%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">22,916</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:97.34%; border-collapse:collapse"><tr style="height:45.3pt"><td style="width:25.5%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Company Name (1)</font></p></td><td style="width:10.64%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fleet </font></p></td><td style="width:16.66%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Country of Incorporation</font></p></td><td style="width:16.8%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Vessel Name</font></p></td><td style="width:10.44%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Capacity in</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">TEUs (2)</font></p></td><td style="width:9.34%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year Built </font></p></td><td style="width:10.62%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Earliest Charter Expiry</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Date </font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 54 LLC</font></p></td><td style="width:10.64%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:16.8%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">CMA CGM Thalassa </font></p></td><td style="width:10.44%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">11,040</font></p></td><td style="width:9.34%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2008</font></p></td><td style="width:10.62%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">4Q25</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Laertis Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">UASC Al Khor</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">9,115</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2015</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">1Q22</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Penelope Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Maira XL </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">9,115</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2015</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2Q22</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Telemachus Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Anthea Y </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">9,115</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2015</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">3Q23</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 53 LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">MSC Tianjin</font><font style="font-family:'Times New Roman'">&#xa0;&#xa0;&#xa0; </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">8,603</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2005</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2Q24</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 52 LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">MSC Qingdao</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">8,603</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2004</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2Q24</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 43 LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL Ningbo</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">8,603</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2004</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">1Q23</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 30 Limited</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#8212;</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL Eleni</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">7,847</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2004</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">3Q24</font><font style="font-family:'Times New Roman'; 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padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">7,847</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2004</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">4Q22</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(3)</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 32 Limited</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#8212;</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL Grania</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">7,847</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2004</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">4Q22</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(3)</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Alexander Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Mary</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">6,927</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2013</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">3Q23</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Hector Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Kristina</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">6,927</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2013</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2Q24</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Ikaros Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Katherine</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">6,927</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2013</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">1Q24</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Philippos Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Alexandra</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">6,927</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2013</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">1Q24</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Aristoteles Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; 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padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">1Q24</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Menelaos Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Olivia I</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">6,882</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2015</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">1Q24</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 48 LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">CMA CGM Berlioz </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">6,621</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2001</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2Q21</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Leonidas Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Agios Dimitrios </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">6,572</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2011</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">4Q23</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 35 LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL Nicoletta</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">6,840</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2002</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2Q21</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 36 LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL Christen</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">6,840</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2002</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">1Q21</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(4)</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 33 LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL Vinia</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">6,080</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2004</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">3Q24</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(5)</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 34 LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL Christel Elisabeth</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">6,080</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2004</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2Q24</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(5)</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Tasman Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Tasman </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">5,936</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2000</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">1Q22</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(6)</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Hudson Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Dimitris Y </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">5,936</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2000</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2Q22</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Drake Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Ian H </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">5,936</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2000</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">1Q21</font></p></td></tr><tr style="height:6.65pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Hephaestus Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Dolphin II </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">5,095</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2007</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">1Q22</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Zeus One Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Orca I </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">5,095</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2006</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">1Q21</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(7)</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 47 LLC </font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL Ch&#226;teau d&#8217;If</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">5,089</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2007</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">4Q21</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">GSL Alcazar Inc. </font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">CMA CGM Alcazar</font><font style="font-family:'Times New Roman'">&#xa0; </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">5,089</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2007</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">3Q21</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 50 LLC </font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia </font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">CMA CGM Jamaica</font><font style="font-family:'Times New Roman'">&#xa0; </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">4,298</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2006</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">3Q22</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 49 LLC </font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia </font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">CMA CGM Sambhar</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">4,045</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2006</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">3Q22</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 51 LLC </font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia </font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">CMA CGM America</font><font style="font-family:'Times New Roman'">&#xa0; </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">4,045</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2006</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">3Q22</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 42 LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL Valerie </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2,824</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2005</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">3Q21</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Pericles Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Athena </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2,762</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2003</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">1Q21</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Aris Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Maira </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2,506</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2000</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">4Q20</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(8)</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Aphrodite Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Nikolas </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2,506</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2000</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">4Q20</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(8)</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Athena Marine LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Poseidon</font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Newyorker </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2,506</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2001</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">1Q21</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 46 LLC </font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia </font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">La Tour</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2,272</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2001</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2Q21</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 38 LLC </font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Manet </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2,272</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2001</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">4Q21</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 40 LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Keta</font><font style="font-family:'Times New Roman'">&#xa0;&#xa0; </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2,207</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2003</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">3Q21</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 41 LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Julie</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2,207</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2002</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2Q21</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 45 LLC</font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Kumasi</font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2,207</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2002</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">3Q21</font></p></td></tr><tr style="height:8.05pt"><td style="width:25.5%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Global Ship Lease 44 LLC </font></p></td><td style="width:10.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">GSL </font></p></td><td style="width:16.66%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:16.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marie Delmas </font></p></td><td style="width:10.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2,207</font></p></td><td style="width:9.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">2002</font></p></td><td style="width:10.62%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">3Q21</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:474.6pt; border-collapse:collapse"><tr style="height:10.05pt"><td style="width:463.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-style:italic">(1) All subsidiaries are 100% owned, either directly or indirectly;</font><font style="font-family:Arial; font-style:italic">&#xa0; </font></p></td></tr><tr style="height:10.05pt"><td style="width:463.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-style:italic">(2) Twenty-foot Equivalent Units;</font></p></td></tr><tr style="height:10.05pt"><td style="width:463.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-style:italic">(3) </font><font style="font-family:Arial; font-style:italic">GSL Eleni delivered 3Q2019 and is chartered for five years; GSL Kalliopi (delivered 4Q2019) and GSL Grania (delivered 3Q2019) are chartered for three years plus two successive periods of one year at the option of the charterer</font><font style="font-family:Arial; font-style:italic">;</font></p></td></tr><tr style="height:10.05pt"><td style="width:463.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-style:italic">(4) </font><font style="font-family:Arial; font-style:italic">GSL Christen is chartered for 2 &#8211; 10 months, at charterer&#8217;s option. The charter commenced in July 2020; </font></p></td></tr><tr style="height:10.05pt"><td style="width:463.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-style:italic">(5) </font><font style="font-family:Arial; font-style:italic">GSL Vinia and GSL Christel Elisabeth were delivered in December 2019 and are contracted on 52 &#8211; 60 months charters;</font></p></td></tr><tr style="height:10.05pt"><td style="width:463.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-style:italic">(6) 12-month extension at charterer&#8217;s option callable in 2Q2022;</font></p></td></tr><tr style="height:10.05pt"><td style="width:463.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-style:italic">(7)</font><font style="font-family:Arial; font-style:italic">&#xa0;</font><font style="font-family:Arial; font-style:italic">12 - 24 month charter (which commenced in June 2019), at charterer&#8217;s option;</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-style:italic">(8) Charter with MSC to November/December 2020, at which time the vessels were dry-docked.</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-style:italic">&#xa0;</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:467.95pt; border-collapse:collapse"><tr style="height:11.8pt"><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:78.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:6.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:67.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td></tr><tr style="height:11.8pt"><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Retention accounts</font></p></td><td style="width:9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">$ </font></p></td><td style="width:58.45pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">525</font></p></td><td style="width:6.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">$ </font></p></td><td style="width:49.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,024</font></p></td></tr><tr style="height:11.8pt"><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Cash collateral</font></p></td><td style="width:9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:58.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">300</font></p></td><td style="width:6.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:49.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">885</font></p></td></tr><tr style="height:11.8pt"><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Total Current Restricted Cash</font></p></td><td style="width:9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">$ </font></p></td><td style="width:58.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">825</font></p></td><td style="width:6.5pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:18pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">$ </font></p></td><td style="width:49.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">3,909</font></p></td></tr><tr style="height:7.5pt"><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold; font-style:italic">&#xa0;</font></p></td><td style="width:58.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:6.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:18pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold; font-style:italic">&#xa0;</font></p></td><td style="width:49.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold; font-style:italic">&#xa0;</font></p></td></tr><tr style="height:6.2pt"><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Cash collateral</font></p></td><td style="width:9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">$ </font></p></td><td style="width:58.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">6,953</font></p></td><td style="width:6.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:18pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">$ </font></p></td><td style="width:49.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><a name="OLE_LINK19"><font style="font-family:Arial">5,190</font></a></p></td></tr><tr style="height:11.8pt"><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Guarantee deposits</font></p></td><td style="width:9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:58.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">20</font></p></td><td style="width:6.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:18pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:49.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">10</font></p></td></tr><tr style="height:11.8pt"><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Restricted bank deposits/Drydock reserves</font></p></td><td style="width:9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:58.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,207</font></p></td><td style="width:6.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:18pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:49.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">503</font></p></td></tr><tr style="height:11.8pt"><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Cash in custody</font></p></td><td style="width:9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:58.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">500</font></p></td><td style="width:6.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:18pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:49.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:11.8pt"><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Total Non - Current Restricted Cash</font></p></td><td style="width:9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold; font-style:italic">&#xa0;</font></p></td><td style="width:58.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">10,680</font></p></td><td style="width:6.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:18pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold; font-style:italic">&#xa0;</font></p></td><td style="width:49.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">5,703</font></p></td></tr><tr style="height:11.8pt"><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Total Current and Non - Current Restricted Cash</font></p></td><td style="width:9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">$ </font></p></td><td style="width:58.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">11,505</font></p></td><td style="width:6.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:18pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">$ </font></p></td><td style="width:49.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">9,612</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:98.42%; border-collapse:collapse"><tr style="height:12.65pt"><td style="width:81.08%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:11pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" rowspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Dry &#8211; </font><font style="font-family:Arial; font-weight:bold">docking Costs </font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:3.7pt"><td style="width:81.08%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.65pt"><td style="width:81.08%; border-bottom:2.25pt double #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">As of January 1, 2019</font></p></td><td style="width:3.44%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:15.46%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">9,569</font></p></td></tr><tr style="height:12.65pt"><td style="width:81.08%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:3.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.46%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">11,066</font></p></td></tr><tr style="height:12.65pt"><td style="width:81.08%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Amortization</font></p></td><td style="width:3.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:27pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.46%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(4,169)</font></p></td></tr><tr style="height:12.65pt"><td style="width:81.08%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Write &#8211; off</font></p></td><td style="width:3.44%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:27pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.46%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(58)</font></p></td></tr><tr style="height:12.65pt"><td style="width:81.08%; border-bottom:2.25pt double #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">As of December 31, 2019</font></p></td><td style="width:3.44%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:15.46%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">16,408</font></p></td></tr><tr style="height:12.65pt"><td style="width:81.08%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:3.44%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.46%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">12,401</font></p></td></tr><tr style="height:12.65pt"><td style="width:81.08%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Amortization</font></p></td><td style="width:3.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:27pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.46%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(5,820)</font></p></td></tr><tr style="height:12.65pt"><td style="width:81.08%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Write &#8211; off</font></p></td><td style="width:3.44%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:27pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.46%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(38)</font></p></td></tr><tr style="height:12.65pt"><td style="width:81.08%; border-bottom:2.25pt double #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">As of December 31, 2020</font></p></td><td style="width:3.44%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:15.46%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">22,951</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:467pt; border-collapse:collapse"><tr style="height:12.3pt"><td style="width:264.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:11pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:71.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2020</font></p></td><td style="width:3.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:69.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td></tr><tr style="height:12.3pt"><td style="width:264.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Opening balance</font></p></td><td style="width:3.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:56.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">6,470</font></p></td><td style="width:3.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.55pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:53.1pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">8,470</font></p></td></tr><tr style="height:12.3pt"><td style="width:264.75pt; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Amortization in the period</font></p></td><td style="width:3.8pt; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:56.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(2,008)</font></p></td><td style="width:3.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:53.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(2,000)</font></p></td></tr><tr style="height:12.3pt"><td style="width:264.75pt; border-bottom:2.25pt double #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Closing balance</font></p></td><td style="width:3.8pt; border-bottom:2.25pt double #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:3.75pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:56.65pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">4,462</font></p></td><td style="width:3.8pt; border-bottom:2.25pt double #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.55pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:53.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">6,470</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:470.45pt; border-collapse:collapse"><tr style="height:12.2pt"><td style="width:265.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:11pt"><font style="font-family:Arial; color:#008080">&#xa0;</font></p></td><td style="width:3.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:75.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2020</font></p></td><td style="width:1.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:70.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td></tr><tr style="height:12.2pt"><td style="width:265.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Opening balance</font></p></td><td style="width:3.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.8pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:60.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1,467</font></p></td><td style="width:1.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.8pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:56.8pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial">5,400 </font></p></td></tr><tr style="height:12.2pt"><td style="width:265.35pt; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Amortization in the period</font></p></td><td style="width:3.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:60.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">(1,467)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:56.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(3,933)</font></p></td></tr><tr style="height:12.2pt"><td style="width:265.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Closing balance</font></p></td><td style="width:3.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:3.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:60.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold"> </font></p></td><td style="width:1.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:56.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">1,467</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:98.14%; border-collapse:collapse"><tr style="height:11.7pt"><td style="width:63.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31, 2020</font></p></td><td style="width:3.1%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31, </font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td></tr><tr style="height:11.7pt"><td style="width:63.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Insurance and other claims</font></p></td><td style="width:2.82%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:14.02%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">762</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:13.34%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1,709</font></p></td></tr><tr style="height:11.7pt"><td style="width:63.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Advances to suppliers and other assets</font></p></td><td style="width:2.82%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.02%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">2,329</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4,964</font></p></td></tr><tr style="height:11.7pt"><td style="width:63.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Prepaid insurances</font></p></td><td style="width:2.82%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.02%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">584</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.34%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">998</font></p></td></tr><tr style="height:11.7pt"><td style="width:63.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Other (includes scrubber equipment and installation claim)</font></p></td><td style="width:2.82%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.02%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,036</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.34%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">461</font></p></td></tr><tr style="height:11.7pt"><td style="width:63.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:2.82%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:14.02%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">6,711 </font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:13.34%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">8,132</font></p></td></tr><tr style="height:0pt"><td style="width:297pt"></td><td style="width:13.25pt"></td><td style="width:65.9pt"></td><td style="width:14.55pt"></td><td style="width:1.4pt"></td><td style="width:13.05pt"></td><td style="width:2.15pt"></td><td style="width:62.6pt"></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:100%; border-collapse:collapse"><tr style="height:11.35pt"><td style="width:61.84%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31, 2020</font></p></td><td style="width:2.88%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.94%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31, </font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td></tr><tr style="height:11.35pt"><td style="width:61.84%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Bunkers</font></p></td><td style="width:3.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:13.74%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">521</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:14.94%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">251</font></p></td></tr><tr style="height:11.35pt"><td style="width:61.84%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Lubricants</font></p></td><td style="width:3.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.74%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4,223</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.94%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4,331</font></p></td></tr><tr style="height:11.35pt"><td style="width:61.84%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Stores</font></p></td><td style="width:3.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.74%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1,291</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.94%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">777</font></p></td></tr><tr style="height:11.35pt"><td style="width:61.84%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Victualling</font></p></td><td style="width:3.2%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.74%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">281</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.94%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">236</font></p></td></tr><tr style="height:11.35pt"><td style="width:61.84%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:3.2%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:13.74%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">6,316</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:3.2%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:14.94%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">5,595</font></p></td></tr><tr style="height:0pt"><td style="width:289.4pt"></td><td style="width:14.95pt"></td><td style="width:64.3pt"></td><td style="width:13.5pt"></td><td style="width:1pt"></td><td style="width:14.95pt"></td><td style="width:69.9pt"></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:467.8pt; border-collapse:collapse"><tr style="height:11.15pt"><td style="width:32.35pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">9.</font></p></td><td style="width:435.45pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Accounts Payable</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-size:9pt">Accounts payable as of December</font><font style="font-family:'Times New Roman'; font-size:9pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:9pt">31, 2020 and 2019</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'; font-size:9pt">consisted of the following:</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:99.18%; border-collapse:collapse"><tr style="height:11.35pt"><td style="width:62.68%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31, 2020</font></p></td><td style="width:3.1%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.02%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31, </font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td></tr><tr style="height:11.35pt"><td style="width:62.68%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Suppliers, repairers</font></p></td><td style="width:2.96%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:14.12%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">8,774</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.82%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:14.02%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">7,327</font></p></td></tr><tr style="height:11.35pt"><td style="width:62.68%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Insurers, agents and brokers</font></p></td><td style="width:2.96%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.12%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">406</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.82%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.02%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">163</font></p></td></tr><tr style="height:11.35pt"><td style="width:62.68%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Payables to charterers</font></p></td><td style="width:2.96%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.12%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">650</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.82%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.02%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">762</font></p></td></tr><tr style="height:11.35pt"><td style="width:62.68%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Other creditors</font></p></td><td style="width:2.96%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.12%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">727</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.82%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.02%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">800</font></p></td></tr><tr style="height:11.35pt"><td style="width:62.68%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:2.96%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:14.12%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">10,557</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.82%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:14.02%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">9,052</font></p></td></tr><tr style="height:0pt"><td style="width:297.65pt"></td><td style="width:14.1pt"></td><td style="width:67.05pt"></td><td style="width:14.7pt"></td><td style="width:1.4pt"></td><td style="width:13.4pt"></td><td style="width:66.55pt"></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:99.18%; border-collapse:collapse"><tr style="height:11.35pt"><td style="width:62.68%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31, 2020</font></p></td><td style="width:3.1%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.02%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31, </font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td></tr><tr style="height:11.35pt"><td style="width:62.68%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Suppliers, repairers</font></p></td><td style="width:2.96%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:14.12%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">8,774</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.82%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:14.02%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">7,327</font></p></td></tr><tr style="height:11.35pt"><td style="width:62.68%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Insurers, agents and brokers</font></p></td><td style="width:2.96%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.12%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">406</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.82%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.02%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">163</font></p></td></tr><tr style="height:11.35pt"><td style="width:62.68%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Payables to charterers</font></p></td><td style="width:2.96%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.12%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">650</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.82%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.02%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">762</font></p></td></tr><tr style="height:11.35pt"><td style="width:62.68%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Other creditors</font></p></td><td style="width:2.96%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.12%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">727</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.82%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.02%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">800</font></p></td></tr><tr style="height:11.35pt"><td style="width:62.68%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:2.96%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:14.12%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">10,557</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.82%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:14.02%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">9,052</font></p></td></tr><tr style="height:0pt"><td style="width:297.65pt"></td><td style="width:14.1pt"></td><td style="width:67.05pt"></td><td style="width:14.7pt"></td><td style="width:1.4pt"></td><td style="width:13.4pt"></td><td style="width:66.55pt"></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:100%; border-collapse:collapse"><tr style="height:11.35pt"><td style="width:61.54%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-style:italic">&#xa0;</font></p></td><td style="width:3.24%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-style:italic">&#xa0;</font></p></td><td style="width:15.04%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31, 2020</font></p></td><td style="width:2.88%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.24%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.08%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31, 2019</font></p></td></tr><tr style="height:11.35pt"><td style="width:61.54%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Accrued expenses</font></p></td><td style="width:3.24%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:15.04%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">15,133</font></p></td><td style="width:2.88%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.24%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:14.08%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">16,047</font></p></td></tr><tr style="height:11.35pt"><td style="width:61.54%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Accrued interest</font></p></td><td style="width:3.24%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.04%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,994</font></p></td><td style="width:2.88%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.24%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.08%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">6,869</font></p></td></tr><tr style="height:11.35pt"><td style="width:61.54%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:3.24%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:15.04%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">19,127</font></p></td><td style="width:2.88%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:3.24%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:14.08%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">22,916</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:463.95pt; border-collapse:collapse"><tr style="height:13.6pt"><td style="width:238.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="5" style="width:203.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:13.6pt"><td style="width:238.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="5" style="width:203.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Year Ended December 31,</font></p></td></tr><tr style="height:13.6pt"><td style="width:238.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Charterer</font></p></td><td style="width:53pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:3.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:52.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:3.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">2018</font></p></td></tr><tr style="height:13.6pt"><td style="width:238.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">CMA CGM</font></p></td><td style="width:53pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">50.60%</font></p></td><td style="width:3.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:52.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">57.18%</font></p></td><td style="width:3.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">80.41%</font></p></td></tr><tr style="height:13.6pt"><td style="width:238.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">COSCO</font></p></td><td style="width:53pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">6.85%</font></p></td><td style="width:3.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:52.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">10.88%</font></p></td><td style="width:3.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:13.6pt"><td style="width:238.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">MAERSK</font></p></td><td style="width:53pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">14.13%</font></p></td><td style="width:3.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:52.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:3.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:13.6pt"><td style="width:238.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">MSC</font></p></td><td style="width:53pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">12.86%</font></p></td><td style="width:3.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:52.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:3.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:467.8pt; border-collapse:collapse"><tr style="height:12.55pt"><td style="width:336.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><a name="OLE_LINK17"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></a></p></td><td style="width:9.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:89.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Amount</font></p></td></tr><tr style="height:12.55pt"><td style="width:336.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">December 31, 2021</font></p></td><td style="width:9.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:89.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">244,032</font></p></td></tr><tr style="height:12.55pt"><td style="width:336.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">December 31, 2022</font></p></td><td style="width:9.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:89.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">168,881</font></p></td></tr><tr style="height:12.55pt"><td style="width:336.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">December 31, 2023</font></p></td><td style="width:9.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:89.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">112,889</font></p></td></tr><tr style="height:12.55pt"><td style="width:336.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">December 31, 2024</font></p></td><td style="width:9.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:89.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">39,770</font></p></td></tr><tr style="height:12.55pt"><td style="width:336.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Thereafter</font></p></td><td style="width:9.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:89.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">12,933</font></p></td></tr><tr style="height:13.25pt"><td style="width:336.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Total minimum lease revenue, net of address commissions </font></p></td><td style="width:9.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:89.55pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">578,505</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:479.15pt; border-collapse:collapse"><tr style="height:12.1pt"><td style="width:158.05pt; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:11pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.3pt; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="8" style="width:285.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Restricted Stock Units</font></p></td></tr><tr style="height:12.1pt"><td style="width:158.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:3.3pt; border-top:1pt solid #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="8" style="width:285.4pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">Number of Units</font></p></td></tr><tr style="height:51.65pt"><td style="width:158.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:66.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">Number</font></p></td><td colspan="2" style="width:11.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:87.75pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">Weighted</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">Average</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">Fair Value</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">on Grant</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">Date</font></p></td><td style="width:3.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:73.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">Actual</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">Fair</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">Value on</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">Vesting</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">Date</font></p></td></tr><tr style="height:12.1pt"><td style="width:158.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Unvested as at January 1, 2018</font></p></td><td style="width:3.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:61.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">62,500</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:66.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">19.36</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:73.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">n/a</font></p></td></tr><tr style="height:12.1pt"><td style="width:158.05pt; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Granted on January 8, 2018</font></p></td><td style="width:3.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:61.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">25,000</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:66.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">9.28</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:73.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">n/a</font></p></td></tr><tr style="height:12.1pt"><td style="width:158.05pt; border-top:1pt solid #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Granted on March 1, 2018</font></p></td><td style="width:3.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:61.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">25,000</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:66.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">9.04</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:73.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">n/a</font></p></td></tr><tr style="height:12.1pt"><td style="width:158.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Vested on November 15, 2018</font></p></td><td style="width:3.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:61.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(112,500)</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:11pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:66.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">n/a</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:73.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">7.92</font></p></td></tr><tr style="height:12.1pt"><td style="width:158.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Unvested as at December 31, 2018</font></p></td><td style="width:3.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:61.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:66.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:73.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font></p></td></tr><tr style="height:12.1pt"><td style="width:158.05pt; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Granted in July 2019</font></p></td><td style="width:3.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:61.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1,359,375</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:66.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3.79</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:73.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">n/a</font></p></td></tr><tr style="height:12.1pt"><td style="width:158.05pt; border-top:1pt solid #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Vested in 2019</font></p></td><td style="width:3.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:61.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">113,279</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:66.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:73.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4.95</font></p></td></tr><tr style="height:12.1pt"><td style="width:158.05pt; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Unvested as at December 31, 2019</font></p></td><td style="width:3.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.1pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:61.85pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1,246,096</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:66.55pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3.79</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:73.3pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">n/a</font></p></td></tr><tr style="height:12.1pt"><td style="width:158.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Vested in 2020</font></p></td><td style="width:3.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:61.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">317,188</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:66.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:73.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cff0fc"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4.45</font></p></td></tr><tr style="height:12.1pt"><td style="width:158.05pt; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Unvested as at December 31, 2020</font></p></td><td style="width:3.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:61.85pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">928,908</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.4pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:66.55pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3.79</font></p></td><td style="width:3.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:73.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">n/a</font></p></td></tr><tr style="height:0pt"><td style="width:168.85pt"></td><td style="width:14.1pt"></td><td style="width:12.9pt"></td><td style="width:64.7pt"></td><td style="width:7.95pt"></td><td style="width:14pt"></td><td style="width:21.2pt"></td><td style="width:77.35pt"></td><td style="width:14pt"></td><td style="width:84.1pt"></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:517.75pt; border-collapse:collapse"><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold; font-style:italic">Numerator:</font></p></td><td style="width:1.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31, 2020</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:62.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31, 2019</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:57.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31, 2018</font></p></td></tr><tr style="height:12.45pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Net income/(loss) attributable to common shareholders</font></p></td><td style="width:1.65pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:54.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">37,568</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:62.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial">36,757</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:57.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">(60,426)</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Undistributed (income)/ loss attributable to Series C participating preferred shares</font></p></td><td style="width:1.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">(15,883)</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">(19,190)</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">12,110</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Net income/(loss) available to common shareholders, basic and diluted</font></p></td><td style="width:1.65pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">21,685</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">17,567</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">(48,316)</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Net income/(loss) available to:</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Class A, basic and diluted</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:18pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">21,685</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">17,567</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(48,316)</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Class B, basic and diluted</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:18pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold; font-style:italic">Denominator:</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Class A Common shares</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:10.4pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Basic weighted average number of common shares outstanding </font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">17,687,137</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">11,859,506</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">6,514,390</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Weighted average number of RSUs without service conditions </font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Dilutive effect of share-based awards</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Common share and common share equivalents, basic</font></p></td><td style="width:1.65pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">17,687,137</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">11,859,506</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">6,514,390</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Plus weighted average number of RSUs with service conditions</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">65,388</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">47,400</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Common share and common share equivalents, dilutive</font></p></td><td style="width:1.65pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">17,752,525</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">11,906,906</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">6,514,390</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.65pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Class B Common shares</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Basic weighted average number of common shares outstanding</font></p></td><td style="width:1.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">925,745</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Common shares, basic and diluted</font></p></td><td style="width:1.65pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:54.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:62.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:57.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">925,745</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Basic earnings/(loss) per share:</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Class A </font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1.23</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1.48</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(7.42)</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Class B</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Diluted earnings/(loss) per share:</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Class A</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1.22</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1.48</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(7.42)</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Class B</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Series C Preferred Shares-basic and diluted earnings per share:</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Undistributed income attributable to Series C participating preferred shares</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">15,883</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">19,190</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(12,110)</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Basic weighted average number of Series C Preferred shares outstanding, as converted</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">12,955,187</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">12,955,187</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1,632,709</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Plus weighted average number of RSUs with service conditions</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">47,895</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">51,780</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Dilutive weighted average number of Series C Preferred shares outstanding, as converted</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">13,003,082</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">13,006,967</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1,632,709</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Basic earnings / (loss) per share</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1.23</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1.48</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(7.42)</font></p></td></tr><tr style="height:11.35pt"><td style="width:237.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Diluted earnings / (loss) per share</font></p></td><td style="width:1.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-indent:9pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1.22</font></p></td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1.48</font></p></td><td style="width:1.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(7.42)</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">4.</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Vessels in Operation</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Vessels in Operation as of December 31, 2020 and 2019 consisted of the following:</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><a name="DM_MAP_677e0c0e3f794a50a6db9eed4461564a"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p><table cellspacing="0" cellpadding="0" style="width:100%; border-collapse:collapse"><tr style="height:13.95pt"><td style="width:40.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><a name="OLE_LINK13_0"></a><a name="OLE_LINK20_0"></a><a name="OLE_LINK31_0"></a><a name="OLE_LINK32_0"></a><a name="OLE_LINK33_0"><font style="font-family:Arial">&#xa0;</font></a></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-bottom:1pt; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Vessel Gross Cost, as adjusted for impairment charges</font></p></td><td style="width:2.92%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Accumulated Depreciation</font></p></td><td style="width:2.72%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Net Book Value</font></p></td></tr><tr style="height:11.35pt"><td style="width:40.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">As of January 1, 2019</font></p></td><td style="width:3.2%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:16.52%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">1,224,377</font></p></td><td style="width:2.92%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:14.6%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">(111,611)</font></p></td><td style="width:2.72%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:12.84%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">1,112,766</font></p></td></tr><tr style="height:11.35pt"><td style="width:40.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:3.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.52%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.92%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.72%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.84%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:40.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Additions </font></p></td><td style="width:3.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.52%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">82,559</font></p></td><td style="width:2.92%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.72%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.84%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">82,559</font></p></td></tr><tr style="height:11.35pt"><td style="width:40.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Depreciation </font></p></td><td style="width:3.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.52%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.92%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(39,739)</font></p></td><td style="width:2.72%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.84%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(39,739)</font></p></td></tr><tr style="height:11.35pt"><td style="width:40.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:3.2%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:16.52%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.92%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:3.2%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:14.6%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.72%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:3.2%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.84%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:40.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">As of December 31, 2019</font></p></td><td style="width:3.2%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:16.52%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">1,306,936</font></p></td><td style="width:2.92%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:14.6%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">(151,350)</font></p></td><td style="width:2.72%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:12.84%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">1,155,586</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:100%; border-collapse:collapse"><tr style="height:11.35pt"><td style="width:40.92%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:3.02%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4</font><font style="font-family:Arial">1,710</font></p></td><td style="width:3.04%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.02%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.72%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.78%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.86%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4</font><font style="font-family:Arial">1,710</font></p></td></tr><tr style="height:11.35pt"><td style="width:40.92%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Disposals</font></p></td><td style="width:3.02%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(7,058)</font></p></td><td style="width:3.04%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.02%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.72%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.78%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.86%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(7,058)</font></p></td></tr><tr style="height:11.35pt"><td style="width:40.92%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Depreciation </font></p></td><td style="width:3.02%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.04%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.02%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.72%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(</font><font style="font-family:Arial">41,</font><font style="font-family:Arial">158</font><font style="font-family:Arial">)</font></p></td><td style="width:2.78%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.86%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(41,</font><font style="font-family:Arial">158</font><font style="font-family:Arial">)</font></p></td></tr><tr style="height:11.35pt"><td style="width:40.92%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Impairment loss</font></p></td><td style="width:3.02%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.64%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(</font><font style="font-family:Arial">43,803)</font></p></td><td style="width:3.04%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.02%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.72%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">35,306</font></p></td><td style="width:2.78%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.86%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(8,497)</font></p></td></tr><tr style="height:11.35pt"><td style="width:40.92%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">As of December 31, 2020</font></p></td><td style="width:3.02%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:16.64%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">1,297,785</font></p></td><td style="width:3.04%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.02%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:14.72%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">(157,202)</font></p></td><td style="width:2.78%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.86%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:13%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">1,140,583</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2020, the Company had made additions for the installation of scrubbers and ballast water treatments.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">On July 20, 2020, the Company sold Utrillo for net proceeds of $3,411, and the vessel was released as collateral under the Company&#8217;s 2022 Notes and Citi Credit Facility.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">On July 3, 2020, the Company sold GSL Matisse for net proceeds of $3,441, and the vessel was released as collateral under the Company&#8217;s 2022 Notes and Citi Credit Facility.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">On February 21, 2020, the Company took delivery of a 2002-built, 6,840 TEU containership, GSL Nicoletta for a purchase price of $12,660.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">On January 29, 2020, the Company took delivery of a 2002-built, 6,840 TEU containership, GSL Christen for a purchase price of $13,000.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Impairment</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">During the three months ended March 31, 2020, the Company determined that the vessels Utrillo and GSL Matisse should be divested. As at March 31, 2020, the vessels were not immediately available for sale and therefore did not qualify as &#8220;assets held for sale&#8221;. As of March 31, 2020, the Company had an expectation that the vessels would each be sold before the end of their estimated useful life, and as a result an impairment test of each of the specific asset groups was performed, recognizing an impairment loss of $7,585. As of June 30, 2020, the Company concluded that all the criteria required by the relevant accounting standard, ASC 360 for the classification of the vessels GSL Matisse and Utrillo as &#8220;held for sale&#8221; were met. The difference between the estimated fair value less cost to sell both vessels and their carrying value (including the unamortized balance of dry-docking cost of $38), amounting to $912, was recognized during the three months ended June 30, 2020 under the line item &#8220;Vessel impairment losses&#8221;. An impairment loss of $8,497 has been recognized under the line item &#8220;Vessel impairment losses&#8221; in the Consolidated Statements of Operations for the year ended December 31, 2020. </font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Whilst charter rates in the spot market and asset values saw overall improvements through 2020, 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, 2020 might not be recoverable. </font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">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. The Company&#8217;s assessment performed as at December 31, 2020 resulted in no additional impairment charges.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">The total impairment loss recognized for the year ended December 31, 2020 amounted to $8,497.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019, the assessment concluded that no impairment of vessels existed as the undiscounted projected net operating cash flows exceeded the carrying values. Step two of the impairment analysis was not required.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Collateral</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2020, 16 vessels were pledged as collateral under the 2022 Notes and the Citi Super Senior Term Loan (&#8220;Citi Credit Facility&#8221;) and 22 vessels were pledged as collateral under the Company&#8217;s loan facilities. Five vessels were unencumbered as of December 31, 2020.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Advances for vessel acquisitions and other additions</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">On November 5, 2019, the Company via its subsidiaries, Global Ship Lease 35 and 36 agreed to purchase two 2002-built, 6,840 TEU containerships for a contract price of $13,000 each. In connection with these acquisitions, the Company paid advances of $1,300 each. The vessels were delivered in January and February 2020 (see note 18).</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2020, the Company has made advances for vessels other additions totaling $1,364. As of December 31, 2019, the Company had made advances for the installation of scrubbers and ballast water treatments totaling $8,191.</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:100%; border-collapse:collapse"><tr style="height:13.95pt"><td style="width:40.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><a name="OLE_LINK13_0"></a><a name="OLE_LINK20_0"></a><a name="OLE_LINK31_0"></a><a name="OLE_LINK32_0"></a><a name="OLE_LINK33_0"><font style="font-family:Arial">&#xa0;</font></a></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-bottom:1pt; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Vessel Gross Cost, as adjusted for impairment charges</font></p></td><td style="width:2.92%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Accumulated Depreciation</font></p></td><td style="width:2.72%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Net Book Value</font></p></td></tr><tr style="height:11.35pt"><td style="width:40.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">As of January 1, 2019</font></p></td><td style="width:3.2%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:16.52%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">1,224,377</font></p></td><td style="width:2.92%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:14.6%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">(111,611)</font></p></td><td style="width:2.72%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:12.84%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">1,112,766</font></p></td></tr><tr style="height:11.35pt"><td style="width:40.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:3.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.52%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.92%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.72%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.84%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:40.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Additions </font></p></td><td style="width:3.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.52%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">82,559</font></p></td><td style="width:2.92%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.72%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.84%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">82,559</font></p></td></tr><tr style="height:11.35pt"><td style="width:40.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Depreciation </font></p></td><td style="width:3.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.52%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.92%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(39,739)</font></p></td><td style="width:2.72%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.84%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(39,739)</font></p></td></tr><tr style="height:11.35pt"><td style="width:40.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:3.2%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:16.52%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.92%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:3.2%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:14.6%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.72%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:3.2%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.84%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:11.35pt"><td style="width:40.8%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">As of December 31, 2019</font></p></td><td style="width:3.2%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:16.52%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">1,306,936</font></p></td><td style="width:2.92%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:14.6%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">(151,350)</font></p></td><td style="width:2.72%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:12.84%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">1,155,586</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:100%; border-collapse:collapse"><tr style="height:11.35pt"><td style="width:40.92%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:3.02%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4</font><font style="font-family:Arial">1,710</font></p></td><td style="width:3.04%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.02%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.72%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.78%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.86%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4</font><font style="font-family:Arial">1,710</font></p></td></tr><tr style="height:11.35pt"><td style="width:40.92%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Disposals</font></p></td><td style="width:3.02%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(7,058)</font></p></td><td style="width:3.04%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.02%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.72%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.78%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.86%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(7,058)</font></p></td></tr><tr style="height:11.35pt"><td style="width:40.92%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Depreciation </font></p></td><td style="width:3.02%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.64%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.04%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.02%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.72%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(</font><font style="font-family:Arial">41,</font><font style="font-family:Arial">158</font><font style="font-family:Arial">)</font></p></td><td style="width:2.78%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.86%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(41,</font><font style="font-family:Arial">158</font><font style="font-family:Arial">)</font></p></td></tr><tr style="height:11.35pt"><td style="width:40.92%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Impairment loss</font></p></td><td style="width:3.02%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.64%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(</font><font style="font-family:Arial">43,803)</font></p></td><td style="width:3.04%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.02%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.72%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">35,306</font></p></td><td style="width:2.78%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.86%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(8,497)</font></p></td></tr><tr style="height:11.35pt"><td style="width:40.92%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">As of December 31, 2020</font></p></td><td style="width:3.02%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:16.64%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">1,297,785</font></p></td><td style="width:3.04%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.02%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:14.72%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">(157,202)</font></p></td><td style="width:2.78%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.86%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:13%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">1,140,583</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:100%; border-collapse:collapse"><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold; text-decoration:underline">Facilities</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31, 2020</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31, 2019</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">2022 Notes</font></p></td><td style="width:2.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:12.38%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">322,723</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:12.48%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">340,000</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Less repurchases</font></p></td><td style="width:2.7%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.38%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(89,287)</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(17,277) </font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">2022 Notes (a)</font></p></td><td style="width:2.7%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:12.38%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">233,436</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.48%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:12.48%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">322,723</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">2024 Notes (b)</font></p></td><td style="width:2.7%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.38%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">59,819</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">39,765</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">DVB Credit Facility (c)</font></p></td><td style="width:2.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.38%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">45,445</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Syndicated Senior Secured Credit Facility (CACIB, ABN, CIT, Siemens, CTBC, Bank Sinopac, Palatine) (d)</font></p></td><td style="width:2.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.38%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">238,000</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">224,800</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Blue Ocean Junior Credit Facility (e)</font></p></td><td style="width:2.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.38%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">38,500</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">38,500</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Deutsche, CIT, HCOB, Entrust, Blue Ocean Credit Facility (f)</font></p></td><td style="width:2.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.38%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">149,055</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">164,710</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Citi Credit Facility (g) </font></p></td><td style="width:2.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.38%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">12,077</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Hayfin Credit Facility (h)</font></p></td><td style="width:2.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.38%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">5,833</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">7,129</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Hellenic Bank Credit Facility (i)</font></p></td><td style="width:2.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.38%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">49,700</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">57,700</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Chailease Credit Facility (j)</font></p></td><td style="width:2.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.38%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">7,596</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:2.7%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:12.38%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">781,939</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.48%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:12.48%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">912,849</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Less: Current portion of 2022 Notes (a)</font></p></td><td style="width:2.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.38%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(26,240)</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(27,923)</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Less: Current portion of long-term debt</font></p></td><td style="width:2.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.38%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(50,441)</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(59,609)</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Less: Original issue discount of 2022 Notes (a)</font></p></td><td style="width:2.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.38%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(1,133)</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(1,859)</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Less: Original issue discount of 2024 Notes (b)</font></p></td><td style="width:2.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.38%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(147)</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(6)</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Less: Deferred financing costs (l)</font></p></td><td style="width:2.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.38%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(11,203)</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(14,095)</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Non-current portion of Long-Term Debt</font><font style="font-family:Arial; font-weight:bold"> </font></p></td><td style="width:2.7%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:12.38%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">692,775</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.48%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:12.48%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">809,357</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:467.8pt; border-collapse:collapse"><tr style="height:11.35pt"><td style="width:346.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Payment due by year ended</font></p></td><td colspan="2" style="width:93.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Amount</font></p></td></tr><tr style="height:11.35pt"><td style="width:346.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">December 31, 2021</font></p></td><td style="width:3.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:79.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">76,681</font></p></td></tr><tr style="height:11.35pt"><td style="width:346.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">December 31, 2022</font></p></td><td style="width:3.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:79.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">200,032</font></p></td></tr><tr style="height:11.35pt"><td style="width:346.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">December 31, 2023</font></p></td><td style="width:3.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:79.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">60,284</font></p></td></tr><tr style="height:11.35pt"><td style="width:346.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">December 31, 2024</font></p></td><td style="width:3.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:79.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">314,894</font></p></td></tr><tr style="height:11.35pt"><td style="width:346.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">December 31, </font><font style="font-family:Arial">2025 </font></p></td><td style="width:3.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:79.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">27,812</font></p></td></tr><tr style="height:11.35pt"><td style="width:346.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">December 31, </font><font style="font-family:Arial">2026 and thereafter</font></p></td><td style="width:3.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:79.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">102,236</font></p></td></tr><tr style="height:11.35pt"><td style="width:346.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:79.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">781,939</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:474.85pt; border-collapse:collapse"><tr style="height:14.65pt"><td style="width:304.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:60.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:1.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:64.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td></tr><tr style="height:11.15pt"><td style="width:304.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Opening balance</font></p></td><td style="width:3.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:46.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">14,095</font></p></td><td style="width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:52.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">9,299</font></p></td></tr><tr style="height:11.15pt"><td style="width:304.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Expenditure in the period</font></p></td><td style="width:3.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1,193</font></p></td><td style="width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:52.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">7,904</font></p></td></tr><tr style="height:11.15pt"><td style="width:304.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Amortization included within interest expense</font></p></td><td style="width:3.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(4,085)</font></p></td><td style="width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:52.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(3,108) </font></p></td></tr><tr style="height:11.15pt"><td style="width:304.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Closing balance</font></p></td><td style="width:3.85pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:46.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">11,203</font></p></td><td style="width:1.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:52.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">14,095</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(a)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Basis of Presentation</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The accompanying consolidated financial statements are prepared in accordance with United States Generally Accepted Accounting Principles (&#8220;U.S. GAAP&#8221;). </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On March 25, 2019, the Company&#8217;s common shares began trading on a reverse-split-adjusted basis, following approval received from the Company&#8217;s shareholders at a Special Meeting held on March 20, 2019 and subsequently approval from the Company&#8217;s Board of Directors to reverse split the Company&#8217;s common shares at a ratio of one-for-eight. The Class</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">A common shares and Class</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Adoption of new accounting standards</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On January 1, 2020, the Company adopted Accounting Standards Update (&#8220;ASU&#8221;) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU amends the accounting for credit losses on available-for-sale debt securities, purchased financial assets with credit deterioration and clarifies that impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. In addition, these amendments require the measurement of all expected credit losses for financial assets, including trade accounts receivable, held at the reporting date based on historical experience, current conditions, and current expectations of future economic conditions based on reasonable and supportable forecasts.</font><font style="font-family:'Times New Roman'">&#xa0; </font><font style="font-family:'Times New Roman'">Upon adoption and as of December 31, 2020, this new guidance did not have a material impact on the Company&#8217;s audited consolidated financial statements, as the majority of its Accounts Receivable, net relates to receivables arising from operating leases and are scoped out of the new standard.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">In March 2020, the FASB issued ASU 2020-4, &#8220;Reference Rate Reform (Topic 848)&#8221; (&#8220;ASU 2020-4&#8221;), which provides optional guidance intended to ease the potential burden in accounting for the expected discontinuation of LIBOR as a reference rate in the financial markets. The guidance can be applied to modifications made to certain contracts to replace LIBOR with a new reference rate. The guidance, if elected, will permit entities to treat such modifications as the continuation of the original contract, without any required accounting reassessments or remeasurements. The ASU 2020-4 was effective for the Company beginning on March 12, 2020 and the Company will apply the amendments prospectively through December 31, 2022. There was no impact to the Company&#8217;s audited consolidated financial statements for the year ended December 31, 2020 as a result of adopting this standard update. Currently, the Company has various contracts that reference LIBOR and is assessing how this standard may be applied to specific contract modifications. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Counterparty risk</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company has significant contracts with CMA CGM, a related party and a significant source of the Company&#8217;s operating revenues and consequently the Company is dependent on the performance by CMA CGM of its obligations under these charters, which operate in an industry that is subject to volatility. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">If CMA CGM ceases doing business or fails to perform its obligations under the charters, the Company&#8217;s business, financial position and results of operations could be materially adversely affected as it is probable that the Company could face difficulties finding immediate replacement charters, and such charters could potentially be at lower daily rates and shorter durations.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">COVID-19 Pandemic </font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On March 11, 2020, the World Health Organization declared the novel coronavirus (&#8220;COVID-19&#8221;) outbreak a pandemic. Since the beginning of calendar year 2020, the outbreak of COVID-19 pandemic has resulted in the implementation of numerous actions taken by governments and governmental agencies in an attempt to mitigate the spread of the virus, including, among others, business closures, quarantines, travel restrictions, and physical distancing requirements. These measures have resulted in a significant reduction in global economic activities and uncertainty in the global financial markets. When these measures and the resulting economic impact will end and the long-term impact of such measures on the global economy cannot be determined 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 goods, such as those that the Company&#8217;s customers transport on its vessels, which has and may continue to negatively affect the demand for container shipping services, and therefore charter rates and asset values. In addition, the COVID-19 pandemic has caused, and if it continues on a prolonged basis may continue to cause, delayed or extended drydockings and disruptions in the Company&#8217;s operations from non-availability of staff and materials. The scale and duration, as well as the impact, of these factors, while currently uncertain, could have a material and adverse impact on the Company&#8217;s operations, earnings, cash flows and financial condition. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:12pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">While the Company cannot predict the long-term economic impact of the COVID-19 pandemic, it will continue to actively monitor the situation and may take further actions altering the Company&#8217;s business operations that it determines are in the best interests of its employees, customers, partners, suppliers, and stakeholders, or as required by authorities in the jurisdictions where the Company operates. The ultimate effects that any such alterations or modifications may have on the Company&#8217;s business are not clear, including any potential negative effects on its business operations and financial results.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-bottom:12pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(b)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Principles of Consolidation</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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&#8217;s consolidated financial statements.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-bottom:12pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(c)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Use of Estimates</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(d)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Cash and cash equivalents</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(e)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Restricted cash</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(f)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Insurance claims</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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&#8217;s expectation as to the collection dates.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(g)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Inventories</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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</font></p></div> <div class="Section1"><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(h)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Accounts receivable, net</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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, 2020 (2019: $ nil).</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(i)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Vessels in operation</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">vessels be recorded at fair value, less the negative goodwill arising as a result of the accounting for the merger.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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 </font><font style="font-family:'Times New Roman'">31, 2020 and 2019</font><font style="font-family:'Times New Roman'">. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Management estimates the residual values of the Company&#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. Management estimated the residual values of its vessels based on scrap rate of $400 per LWT. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">For any vessel</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">group which is impaired,</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the impairment charge is recorded against the cost of the vessel and the</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">accumulated depreciation as at the date of impairment is removed from the accounts.</font><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(j)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Deferred charges, net</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Drydocking costs are reported in the Consolidated Balance Sheets within &quot;Deferred charges, net&quot;, 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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(k)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Intangible assets and liabilities &#8211; charter agreements</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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&#8217;s vessels and the Company&#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&#8217;s financial position and results of operations.</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">(l)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Impairment of Long-lived assets</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Tangible fixed assets, such as vessels, that are held and used or to be disposed of by the Company are reviewed for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. In these circumstances, the Company performs step one of the impairment test by comparing the undiscounted projected net operating cash flows for each vessel group to its carrying value.</font><font style="font-family:'Times New Roman'">&#xa0; </font><font style="font-family:'Times New Roman'">A vessel group comprises 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 the undiscounted projected net operating cash flows of the vessel group are less than its carrying amount, management proceeds to step two of the impairment assessment by comparing the vessel group&#8217;s carrying amount to its fair value, including any applicable charter, and an impairment loss is recorded equal to the difference between the vessel group&#8217;s carrying value and fair value. Fair value is determined with the assistance from valuations obtained from third party independent ship brokers.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company uses a number of assumptions in projecting its undiscounted net operating cash flows analysis including, among others, (i) revenue assumptions for 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 of time charter rates for each vessel thereafter (ii) off-hire days, which are based on actual off-hire statistics for the Company&#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</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'"> (v) estimated useful life, which is assessed as a total of 30 years from original delivery by the shipyard and (vi) scrap values.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Revenue assumptions are based on contracted charter rates up to the end of the existing contract of each vessel, and thereafter, estimated time charter rates for the remaining life of the vessel. The estimated time charter rate used for non-contracted revenue days of each vessel is considered a significant assumption. Recognizing that the container shipping industry is cyclical and subject to significant volatility based on factors beyond the Company&#8217;s control, management believes that using forecast charter rates in the four years from the date of the impairment assessment and a reversion to the historical mean of time charter rates thereafter, represents a reasonable benchmark for the estimated time charter rates for the non-contracted revenue days, and takes into account the volatility and cyclicality of the market. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Two 1999-built, 2,200 TEU feeder ships, GSL Matisse</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">and Utrillo, were sold on July 3, 2020 and July 20, 2020, respectively.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'"> As of June 30, 2020, the vessels were</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">immediately available for sale and qualified as assets held for sale. As of March 31, 2020, the Company had an expectation that the vessels would be sold before the end of their previously estimated useful life, and as a result performed an impairment test of the specific asset group. An impairment charge of $7,585 was recognized for the three months ended March 31, 2020 and an additional impairment charge of $912 has been recognized in the three months ended June 30, 2020. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Whilst charter rates in the spot market and asset values saw improvements through 2020, 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, 2020 might not be recoverable. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As a result, step one of the impairment assessment of each of the vessel groups was performed. As the undiscounted projected net operating cash flows of each of the vessel groups exceeded the carrying amount, step two of the impairment test was not required and there were no impairment charges as of December 31, 2020.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The assessment performed for 2019 resulted in no impairment charges.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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 &#8220;Impairment of vessels&#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&#8217;s carrying value. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(m)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Deferred financing costs</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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&#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 &#8220;Other non-current assets&#8221;.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(n)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Preferred shares</font><a name="OLE_LINK12_0"></a></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Series B Preferred Shares were originally issued in August 2014 and have been included within Equity in the Consolidated Balance Sheets since their initial issue in August 2014 and increased in 2019 and 2020 with the introduction of ATM program, and the dividends are presented as a reduction of Retained Earnings or addition to Accumulated Deficit in the Consolidated Statements of Shareholders&#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.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The 250,000 Series C Perpetual Convertible Preferred Shares (the &#8220;Series C Preferred Shares&#8221;) have been included within Equity in the Consolidated Balance Sheets, from their issue on November 15, 2018. The Series C Preferred Shares were convertible in certain circumstances to Class A common shares and they were entitled to a dividend only should such a dividend be declared on the Class A common shares.</font><font style="font-family:'Times New Roman'"> On January 20, 2021, upon the redemption in full of the 9.875% First Priority Secured Notes due 2022 (the &#8220;2022 Notes&#8221;), KEP VI (Newco Marine) Ltd. and KIA VIII (Newco Marine) Ltd. (together, &#8220;Kelso&#8221;), both affiliates of Kelso &amp; Company, a U.S. private equity firm, exercised their right to convert all of their Series C Preferred Shares into Class A common shares of the Company, resulting in issuance of an aggregate of 12,955,188 Class A common shares to Kelso. </font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(o)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Other comprehensive income/ (loss)</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other comprehensive income/ (loss), which is reported in the Consolidated Statements of Shareholders&#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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(p)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Revenue recognition and related expense</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company charters out its vessels on time charters which involves placing a vessel at a charterer&#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.</font></p><p style="margin-top:0pt; margin-right:4.5pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-right:4.5pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company elected the practical expedient which allows the Company to treat the lease and non-lease components as a single lease component for the leases where the timing and pattern of transfer for the nonlease component and the associated lease component to the lessees are the same and the lease component, if accounted for separately, would be classified as an operating lease. The combined component is therefore accounted for as an operating lease under ASC 842, as the lease components are the predominant characteristics, in 2020 and 2019.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company adopted the new &#8220;Leases&#8221; standard (Topic 842) on January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2019 using the modified retrospective method. The Company elected the practical expedient to use the effective date of adoption as the date of initial application. Furthermore the Company elected practical expedients, which allow entities (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">to not reassess whether any expired or existing contracts are considered or contain leases; (ii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">to not reassess the lease classification for any expired or existing leases (iii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">to not reassess initial direct costs for any existing leases and (iv)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">which allows to treat the lease and non-lease components as a single lease component due to its predominant characteristic. The adoption of this standard did not have a material effect on the consolidated financial statements since the Company is primarily a lessor and the accounting for lessors is largely unchanged under this standard.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(q)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Foreign currency transactions</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company&#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).</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(r)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Share based compensation</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company has awarded incentive stock units to its management and Directors as part of their compensation.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(s)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Income taxes</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company and its Marshall Island subsidiaries are exempt from taxation in the Marshall Islands. The Company&#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&#8217; operating expenses.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Cyprus and Hong Kong subsidiaries are also liable for income tax on any interest income earned from non-shipping activity.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company has one subsidiary in the United Kingdom, where the principal rate of corporate income tax for 2020 is 19% (2019: 19%)</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(t)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Dividends</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Dividends are recorded in the period in which they are declared by the Company&#8217;s Board of Directors. Dividends to be paid are presented in the Consolidated Balance Sheets in the line item &#8220;Dividends payable&#8221;.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(u)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Earnings/(Loss) per share</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(v)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Risks Associated with Concentration</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company is exposed to certain concentration risks that may adversely affect the Company&#8217;s financial position in the near term:</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:9.9pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">(i)The Company derives its revenue from CMA CGM and other liner companies which are exposed to the cyclicality of the container shipping industry.</font></p><p style="margin-top:9.9pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">(ii)There is a minimum concentration of credit risk with respect to cash and cash equivalents at December 31, 2020, to the extent that substantially all of the amounts are deposited with eight banks (2019: five banks). The Company believes this risk is remote as the banks are high credit quality financial institutions.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(w)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Segment Reporting </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(x)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Fair Value Measurement and Financial Instruments</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Fair value measurement: </font><font style="font-family:'Times New Roman'">Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the &#8220;exit price&#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:</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">1</font><font style="font-family:'Times New Roman'"> &#8212; Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Valuation adjustments and block discounts are not applied to Level</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">2</font><font style="font-family:'Times New Roman'"> &#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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">3</font><font style="font-family:'Times New Roman'"> &#8212; Valuations based on inputs that are unobservable and significant to the overall fair value measurement.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As at March 31, 2020, two of the Company&#8217;s vessel groups that were held and used with a total aggregate carrying amount of $15,585 were written down to their fair value of $8,000 resulting in a non-cash impairment charge of $7,585 which was allocated to the respective vessels&#8217; carrying values (see note 4). As at June 30, 2020, the two above mentioned vessels with a total aggregate carrying amount of $8,008 were written down to their fair value of $7,096 resulting in a non-cash impairment charge of $912 which was allocated to their respective carrying values. Total impairment charge of $8,497 was included in the Consolidated Statements of Operations for the year ended December 31, 2020.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">The estimated fair value, measured on a non-recurring basis, of the Company&#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.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Therefore, the Company has categorized the fair value of these vessels as Level II in the fair value hierarchy.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As at December 31, 2018, three of the Company&#8217;s 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&#8217; carrying values (see note 4) and was included in Consolidated Statements of Operations for the year ended December 31, 2018.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">The estimated fair value, measured on a non-recurring basis, of the Company&#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.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Therefore, the Company has categorized the fair value of these vessels as Level II in the fair value hierarchy.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Financial Risk Management:</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Credit risk:</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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. (&#8220;Conchart&#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).</font><font style="font-family:'Times New Roman'">&#xa0; </font><font style="font-family:'Times New Roman'">Conchart has policies in place to ensure that it trades with customers and counterparties with an appropriate credit history. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Liquidity Risk:</font><font style="font-family:'Times New Roman'"> 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. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Foreign Exchange Risk:</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(y)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Recently issued accounting standards</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Summary of Significant Accounting Policies</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(a)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Basis of Presentation</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The accompanying consolidated financial statements are prepared in accordance with United States Generally Accepted Accounting Principles (&#8220;U.S. GAAP&#8221;). </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On March 25, 2019, the Company&#8217;s common shares began trading on a reverse-split-adjusted basis, following approval received from the Company&#8217;s shareholders at a Special Meeting held on March 20, 2019 and subsequently approval from the Company&#8217;s Board of Directors to reverse split the Company&#8217;s common shares at a ratio of one-for-eight. The Class</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">A common shares and Class</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Adoption of new accounting standards</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On January 1, 2020, the Company adopted Accounting Standards Update (&#8220;ASU&#8221;) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU amends the accounting for credit losses on available-for-sale debt securities, purchased financial assets with credit deterioration and clarifies that impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. In addition, these amendments require the measurement of all expected credit losses for financial assets, including trade accounts receivable, held at the reporting date based on historical experience, current conditions, and current expectations of future economic conditions based on reasonable and supportable forecasts.</font><font style="font-family:'Times New Roman'">&#xa0; </font><font style="font-family:'Times New Roman'">Upon adoption and as of December 31, 2020, this new guidance did not have a material impact on the Company&#8217;s audited consolidated financial statements, as the majority of its Accounts Receivable, net relates to receivables arising from operating leases and are scoped out of the new standard.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">In March 2020, the FASB issued ASU 2020-4, &#8220;Reference Rate Reform (Topic 848)&#8221; (&#8220;ASU 2020-4&#8221;), which provides optional guidance intended to ease the potential burden in accounting for the expected discontinuation of LIBOR as a reference rate in the financial markets. The guidance can be applied to modifications made to certain contracts to replace LIBOR with a new reference rate. The guidance, if elected, will permit entities to treat such modifications as the continuation of the original contract, without any required accounting reassessments or remeasurements. The ASU 2020-4 was effective for the Company beginning on March 12, 2020 and the Company will apply the amendments prospectively through December 31, 2022. There was no impact to the Company&#8217;s audited consolidated financial statements for the year ended December 31, 2020 as a result of adopting this standard update. Currently, the Company has various contracts that reference LIBOR and is assessing how this standard may be applied to specific contract modifications. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Counterparty risk</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company has significant contracts with CMA CGM, a related party and a significant source of the Company&#8217;s operating revenues and consequently the Company is dependent on the performance by CMA CGM of its obligations under these charters, which operate in an industry that is subject to volatility. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">If CMA CGM ceases doing business or fails to perform its obligations under the charters, the Company&#8217;s business, financial position and results of operations could be materially adversely affected as it is probable that the Company could face difficulties finding immediate replacement charters, and such charters could potentially be at lower daily rates and shorter durations.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">COVID-19 Pandemic </font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On March 11, 2020, the World Health Organization declared the novel coronavirus (&#8220;COVID-19&#8221;) outbreak a pandemic. Since the beginning of calendar year 2020, the outbreak of COVID-19 pandemic has resulted in the implementation of numerous actions taken by governments and governmental agencies in an attempt to mitigate the spread of the virus, including, among others, business closures, quarantines, travel restrictions, and physical distancing requirements. These measures have resulted in a significant reduction in global economic activities and uncertainty in the global financial markets. When these measures and the resulting economic impact will end and the long-term impact of such measures on the global economy cannot be determined 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 goods, such as those that the Company&#8217;s customers transport on its vessels, which has and may continue to negatively affect the demand for container shipping services, and therefore charter rates and asset values. In addition, the COVID-19 pandemic has caused, and if it continues on a prolonged basis may continue to cause, delayed or extended drydockings and disruptions in the Company&#8217;s operations from non-availability of staff and materials. The scale and duration, as well as the impact, of these factors, while currently uncertain, could have a material and adverse impact on the Company&#8217;s operations, earnings, cash flows and financial condition. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:12pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">While the Company cannot predict the long-term economic impact of the COVID-19 pandemic, it will continue to actively monitor the situation and may take further actions altering the Company&#8217;s business operations that it determines are in the best interests of its employees, customers, partners, suppliers, and stakeholders, or as required by authorities in the jurisdictions where the Company operates. The ultimate effects that any such alterations or modifications may have on the Company&#8217;s business are not clear, including any potential negative effects on its business operations and financial results.</font></p><p style="margin-top:0pt; margin-bottom:12pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(b)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Principles of Consolidation</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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&#8217;s consolidated financial statements.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:12pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(c)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Use of Estimates</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(d)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Cash and cash equivalents</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(e)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Restricted cash</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(f)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Insurance claims</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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&#8217;s expectation as to the collection dates.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(g)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Inventories</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(h)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Accounts receivable, net</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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, 2020 (2019: $ nil).</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(i)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Vessels in operation</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">vessels be recorded at fair value, less the negative goodwill arising as a result of the accounting for the merger.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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 </font><font style="font-family:'Times New Roman'">31, 2020 and 2019</font><font style="font-family:'Times New Roman'">. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Management estimates the residual values of the Company&#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. Management estimated the residual values of its vessels based on scrap rate of $400 per LWT. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">For any vessel</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">group which is impaired,</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the impairment charge is recorded against the cost of the vessel and the</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">accumulated depreciation as at the date of impairment is removed from the accounts.</font><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(j)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Deferred charges, net</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Drydocking costs are reported in the Consolidated Balance Sheets within &quot;Deferred charges, net&quot;, 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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font><a name="OLE_LINK24_1"></a></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(k)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Intangible assets and liabilities &#8211; charter agreements</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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&#8217;s vessels and the Company&#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&#8217;s financial position and results of operations.</font><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">(l)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Impairment of Long-lived assets</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Tangible fixed assets, such as vessels, that are held and used or to be disposed of by the Company are reviewed for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. In these circumstances, the Company performs step one of the impairment test by comparing the undiscounted projected net operating cash flows for each vessel group to its carrying value.</font><font style="font-family:'Times New Roman'">&#xa0; </font><font style="font-family:'Times New Roman'">A vessel group comprises 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 the undiscounted projected net operating cash flows of the vessel group are less than its carrying amount, management proceeds to step two of the impairment assessment by comparing the vessel group&#8217;s carrying amount to its fair value, including any applicable charter, and an impairment loss is recorded equal to the difference between the vessel group&#8217;s carrying value and fair value. Fair value is determined with the assistance from valuations obtained from third party independent ship brokers.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company uses a number of assumptions in projecting its undiscounted net operating cash flows analysis including, among others, (i) revenue assumptions for 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 of time charter rates for each vessel thereafter (ii) off-hire days, which are based on actual off-hire statistics for the Company&#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</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'"> (v) estimated useful life, which is assessed as a total of 30 years from original delivery by the shipyard and (vi) scrap values.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Revenue assumptions are based on contracted charter rates up to the end of the existing contract of each vessel, and thereafter, estimated time charter rates for the remaining life of the vessel. The estimated time charter rate used for non-contracted revenue days of each vessel is considered a significant assumption. Recognizing that the container shipping industry is cyclical and subject to significant volatility based on factors beyond the Company&#8217;s control, management believes that using forecast charter rates in the four years from the date of the impairment assessment and a reversion to the historical mean of time charter rates thereafter, represents a reasonable benchmark for the estimated time charter rates for the non-contracted revenue days, and takes into account the volatility and cyclicality of the market. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Two 1999-built, 2,200 TEU feeder ships, GSL Matisse</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">and Utrillo, were sold on July 3, 2020 and July 20, 2020, respectively.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'"> As of June 30, 2020, the vessels were</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">immediately available for sale and qualified as assets held for sale. As of March 31, 2020, the Company had an expectation that the vessels would be sold before the end of their previously estimated useful life, and as a result performed an impairment test of the specific asset group. An impairment charge of $7,585 was recognized for the three months ended March 31, 2020 and an additional impairment charge of $912 has been recognized in the three months ended June 30, 2020. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Whilst charter rates in the spot market and asset values saw improvements through 2020, 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, 2020 might not be recoverable. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As a result, step one of the impairment assessment of each of the vessel groups was performed. As the undiscounted projected net operating cash flows of each of the vessel groups exceeded the carrying amount, step two of the impairment test was not required and there were no impairment charges as of December 31, 2020.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The assessment performed for 2019 resulted in no impairment charges.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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 &#8220;Impairment of vessels&#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&#8217;s carrying value. </font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; background-color:#ffffff"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(m)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Deferred financing costs</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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&#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 &#8220;Other non-current assets&#8221;.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(n)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Preferred shares</font><a name="OLE_LINK12_1"></a></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Series B Preferred Shares were originally issued in August 2014 and have been included within Equity in the Consolidated Balance Sheets since their initial issue in August 2014 and increased in 2019 and 2020 with the introduction of ATM program, and the dividends are presented as a reduction of Retained Earnings or addition to Accumulated Deficit in the Consolidated Statements of Shareholders&#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.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The 250,000 Series C Perpetual Convertible Preferred Shares (the &#8220;Series C Preferred Shares&#8221;) have been included within Equity in the Consolidated Balance Sheets, from their issue on November 15, 2018. The Series C Preferred Shares were convertible in certain circumstances to Class A common shares and they were entitled to a dividend only should such a dividend be declared on the Class A common shares.</font><font style="font-family:'Times New Roman'"> On January 20, 2021, upon the redemption in full of the 9.875% First Priority Secured Notes due 2022 (the &#8220;2022 Notes&#8221;), KEP VI (Newco Marine) Ltd. and KIA VIII (Newco Marine) Ltd. (together, &#8220;Kelso&#8221;), both affiliates of Kelso &amp; Company, a U.S. private equity firm, exercised their right to convert all of their Series C Preferred Shares into Class A common shares of the Company, resulting in issuance of an aggregate of 12,955,188 Class A common shares to Kelso. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(o)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Other comprehensive income/ (loss)</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other comprehensive income/ (loss), which is reported in the Consolidated Statements of Shareholders&#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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(p)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Revenue recognition and related expense</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company charters out its vessels on time charters which involves placing a vessel at a charterer&#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.</font></p><p style="margin-top:0pt; margin-right:4.5pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-right:4.5pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company elected the practical expedient which allows the Company to treat the lease and non-lease components as a single lease component for the leases where the timing and pattern of transfer for the nonlease component and the associated lease component to the lessees are the same and the lease component, if accounted for separately, would be classified as an operating lease. The combined component is therefore accounted for as an operating lease under ASC 842, as the lease components are the predominant characteristics, in 2020 and 2019.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company adopted the new &#8220;Leases&#8221; standard (Topic 842) on January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2019 using the modified retrospective method. The Company elected the practical expedient to use the effective date of adoption as the date of initial application. Furthermore the Company elected practical expedients, which allow entities (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">to not reassess whether any expired or existing contracts are considered or contain leases; (ii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">to not reassess the lease classification for any expired or existing leases (iii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">to not reassess initial direct costs for any existing leases and (iv)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">which allows to treat the lease and non-lease components as a single lease component due to its predominant characteristic. The adoption of this standard did not have a material effect on the consolidated financial statements since the Company is primarily a lessor and the accounting for lessors is largely unchanged under this standard.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(q)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Foreign currency transactions</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company&#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).</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(r)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Share based compensation</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company has awarded incentive stock units to its management and Directors as part of their compensation.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(s)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Income taxes</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company and its Marshall Island subsidiaries are exempt from taxation in the Marshall Islands. The Company&#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&#8217; operating expenses.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Cyprus and Hong Kong subsidiaries are also liable for income tax on any interest income earned from non-shipping activity.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company has one subsidiary in the United Kingdom, where the principal rate of corporate income tax for 2020 is 19% (2019: 19%)</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(t)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Dividends</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Dividends are recorded in the period in which they are declared by the Company&#8217;s Board of Directors. Dividends to be paid are presented in the Consolidated Balance Sheets in the line item &#8220;Dividends payable&#8221;.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(u)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Earnings/(Loss) per share</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(v)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Risks Associated with Concentration</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company is exposed to certain concentration risks that may adversely affect the Company&#8217;s financial position in the near term:</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:9.9pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">(i)The Company derives its revenue from CMA CGM and other liner companies which are exposed to the cyclicality of the container shipping industry.</font></p><p style="margin-top:9.9pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">(ii)There is a minimum concentration of credit risk with respect to cash and cash equivalents at December 31, 2020, to the extent that substantially all of the amounts are deposited with eight banks (2019: five banks). The Company believes this risk is remote as the banks are high credit quality financial institutions.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(w)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Segment Reporting </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(x)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Fair Value Measurement and Financial Instruments</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Fair value measurement: </font><font style="font-family:'Times New Roman'">Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the &#8220;exit price&#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:</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">1</font><font style="font-family:'Times New Roman'"> &#8212; Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Valuation adjustments and block discounts are not applied to Level</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">2</font><font style="font-family:'Times New Roman'"> &#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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">3</font><font style="font-family:'Times New Roman'"> &#8212; Valuations based on inputs that are unobservable and significant to the overall fair value measurement.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As at March 31, 2020, two of the Company&#8217;s vessel groups that were held and used with a total aggregate carrying amount of $15,585 were written down to their fair value of $8,000 resulting in a non-cash impairment charge of $7,585 which was allocated to the respective vessels&#8217; carrying values (see note 4). As at June 30, 2020, the two above mentioned vessels with a total aggregate carrying amount of $8,008 were written down to their fair value of $7,096 resulting in a non-cash impairment charge of $912 which was allocated to their respective carrying values. Total impairment charge of $8,497 was included in the Consolidated Statements of Operations for the year ended December 31, 2020.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">The estimated fair value, measured on a non-recurring basis, of the Company&#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.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Therefore, the Company has categorized the fair value of these vessels as Level II in the fair value hierarchy.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As at December 31, 2018, three of the Company&#8217;s 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&#8217; carrying values (see note 4) and was included in Consolidated Statements of Operations for the year ended December 31, 2018.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">The estimated fair value, measured on a non-recurring basis, of the Company&#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.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Therefore, the Company has categorized the fair value of these vessels as Level II in the fair value hierarchy.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Financial Risk Management:</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Credit risk:</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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. (&#8220;Conchart&#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).</font><font style="font-family:'Times New Roman'">&#xa0; </font><font style="font-family:'Times New Roman'">Conchart has policies in place to ensure that it trades with customers and counterparties with an appropriate credit history. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Liquidity Risk:</font><font style="font-family:'Times New Roman'"> 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. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Foreign Exchange Risk:</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(y)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Recently issued accounting standards</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">11. Long-Term Debt</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-size:9pt">Long-term debt as of December</font><font style="font-family:'Times New Roman'; font-size:9pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:9pt">31, 2020 and 2019</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'; font-size:9pt">consisted of the following:</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:100%; border-collapse:collapse"><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold; text-decoration:underline">Facilities</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31, 2020</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December 31, 2019</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">2022 Notes</font></p></td><td style="width:2.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:12.38%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">322,723</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:12.48%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">340,000</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Less repurchases</font></p></td><td style="width:2.7%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.38%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(89,287)</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(17,277) </font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">2022 Notes (a)</font></p></td><td style="width:2.7%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:12.38%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">233,436</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.48%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:12.48%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">322,723</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">2024 Notes (b)</font></p></td><td style="width:2.7%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.38%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">59,819</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">39,765</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">DVB Credit Facility (c)</font></p></td><td style="width:2.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.38%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">45,445</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Syndicated Senior Secured Credit Facility (CACIB, ABN, CIT, Siemens, CTBC, Bank Sinopac, Palatine) (d)</font></p></td><td style="width:2.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.38%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">238,000</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">224,800</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Blue Ocean Junior Credit Facility (e)</font></p></td><td style="width:2.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.38%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">38,500</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">38,500</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Deutsche, CIT, HCOB, Entrust, Blue Ocean Credit Facility (f)</font></p></td><td style="width:2.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.38%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">149,055</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">164,710</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Citi Credit Facility (g) </font></p></td><td style="width:2.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.38%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">12,077</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Hayfin Credit Facility (h)</font></p></td><td style="width:2.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.38%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">5,833</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">7,129</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Hellenic Bank Credit Facility (i)</font></p></td><td style="width:2.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.38%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">49,700</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">57,700</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Chailease Credit Facility (j)</font></p></td><td style="width:2.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.38%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">7,596</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:2.7%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:12.38%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">781,939</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.48%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:12.48%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">912,849</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Less: Current portion of 2022 Notes (a)</font></p></td><td style="width:2.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.38%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(26,240)</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(27,923)</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Less: Current portion of long-term debt</font></p></td><td style="width:2.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.38%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(50,441)</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(59,609)</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Less: Original issue discount of 2022 Notes (a)</font></p></td><td style="width:2.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.38%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(1,133)</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(1,859)</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Less: Original issue discount of 2024 Notes (b)</font></p></td><td style="width:2.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.38%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(147)</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(6)</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Less: Deferred financing costs (l)</font></p></td><td style="width:2.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.38%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(11,203)</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(14,095)</font></p></td></tr><tr style="height:12.7pt"><td style="width:67.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Non-current portion of Long-Term Debt</font><font style="font-family:Arial; font-weight:bold"> </font></p></td><td style="width:2.7%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:12.38%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">692,775</font></p></td><td style="width:2.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.48%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:12.48%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">809,357</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">a)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">9.875% First Priority Secured Notes due 2022</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">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 &#8220;2022 Notes&#8221;) which mature on November 15, 2022. Proceeds after the deduction of the original issue discount, but before expenses, amounted to $356,400. The 2022 Notes were fully redeemed in January 2021 (note 18).</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Interest on the 2022 Notes was payable semi-annually on May 15 and November 15 of each year, commencing on May 15, 2018. As at December 31, 2020 and December 31, 2019 the 2022 Notes were secured by first priority </font><font style="font-family:'Times New Roman'">vessel</font><font style="font-family:'Times New Roman'"> mortgages on the 16 and 18 </font><font style="font-family:'Times New Roman'">vessel</font><font style="font-family:'Times New Roman'">s, respectively, 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 vessel securing the 2022 Notes. In addition, the 2022 Notes were fully and unconditionally guaranteed, jointly and severally, by the Company&#8217;s 16 and 18 vessel owning subsidiaries as of December 31, 2020 and 2019, respectively, and Global Ship Lease Services Limited.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company was 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 was being amortized on an effective interest rate basis over the life of the 2022 Notes. The Company was 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 had minimum fixed amortization whereas as long as amounts were outstanding under that Facility</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">amortization of the 2022 Notes is at the option of the noteholders, who could accept or reject an annual tender offer the Company was obliged to make.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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%. </font><a name="_Hlk32413547_1"><font style="font-family:'Times New Roman'">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</font></a><font style="font-family:'Times New Roman'">. The Citi Credit Facility was fully repaid on October 31, 2020, consequently on December 3, 2020, the Company mandatorily redeemed $28,000 principal amount of the 2022 Notes at a redemption price of $28,560 (representing 102.0% of the aggregate principal amount redeemed) plus accrued and unpaid interest.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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 redeemed) plus accrued and unpaid interest. During the year ended December 31, 2020, the Company purchased $15,287 of aggregate principal amount of 2022 Notes in the open market at a weighted average price of 98.98% of the aggregate principal amount.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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 was 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&#8217;s length transaction covenant and the reporting covenant were amended.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2020, the outstanding balance was</font><font style="font-family:'Times New Roman'"> $232,303, net of the outstanding balance of the original issue discount.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">b)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">8.00% Senior Unsecured Notes due 2024</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On November 19, 2019, the Company completed the sale of $27,500 aggregate principal amount of its 8.00% Senior Unsecured Notes (the &#8220;2024 Notes&#8221;) which mature on December 31, 2024. On November 27, 2019, the Company sold an additional $4,125 of 2024 Notes, pursuant the underwriter&#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. </font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; color:#ff0000">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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% of the principal amount. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On November 27, 2019, the Company entered into an &#8220;At Market Issuance Sales Agreement&#8221; with B. Riley FBR, Inc. (the &#8220;Agent&#8221;) under which and in accordance with the Company&#8217;s instructions, the Agent may offer and sell from time to time newly issued 2024 Notes. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">During 2020, a further $20,054 proceeds was raised under the ATM program for the 2024 Notes. As of December 31, 2020, the outstanding aggregate principal amount of the 2024 notes was $59,819 including an amount of $28,194 that comprise of newly issued 2024 notes under the At Market Issuance Sales Agreement.</font><font style="font-family:'Times New Roman'">&#xa0; </font><font style="font-family:'Times New Roman'">The outstanding balance, net of the outstanding balance of the original issue discount, was $59,672.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">c)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">$52.6 Million DVB Credit Facility</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">In connection with the Poseidon Transaction, the Company assumed debt from the four </font><font style="font-family:'Times New Roman'">vessel</font><font style="font-family:'Times New Roman'"> owning companies of Maira, Nikolas, Newyorker and Mary, on the date of completion of the transaction of $51,063 with DVB Bank SE (&#8220;DVB&#8221;). The agreement is dated July 18, 2017, with initial drawdown amount of $52,625 and final maturity of December 31, 2020.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of February 12, 2020, the outstanding balance on this facility amounted to $44,366 was fully refinanced by the Tranche B Syndicated Senior Secured Credit Facility (see note 11d) and the Chailease Credit Facility (see note 11j).</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The facility had 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 would be specifically applied to the prepayment of the balloon instalment up to a specific amount. The facility carried interest at LIBOR plus a margin of 2.85% per annum.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">d) $268.0 Million Syndicated Senior Secured Credit Facility (CACIB, ABN, CIT, Siemens, CTBC, Bank Sinopac,</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Palatine)</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Senior Syndicated Secured Credit Facility was agreed to be borrowed in two tranches. The Lenders are Credit Agricole Corporate and Investment Bank (&#8220;CACIB&#8221;), ABN Amro Bank N.V. (&#8220;ABN&#8221;), CIT Bank, N.A. (&#8220;CIT&#8221;), Siemens Financial Services, Inc (&#8220;Siemens&#8221;), CTBC Bank Co. Ltd. (&#8220;CTBC&#8221;), Bank Sinopac Ltd. (&#8220;Bank Sinopac&#8221;) and Banque Palatine (&#8220;Palatine&#8221;). Tranche A amounting to $230,000 was drawn down in full on September 24, 2019 and is scheduled to be repaid in 20 </font><font style="font-family:'Times New Roman'">consecutive quarterly instalments of $5,200 starting from December 12, 2019 and a balloon payment of $126,000 payable on </font><font style="font-family:'Times New Roman'">September 24, 2024</font><font style="font-family:'Times New Roman'">. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Tranche B amounts to $38,000 was draw down in full on February 10, 2020, and 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.</font></p><p style="margin-top:9.9pt; margin-right:0.2pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The existing indebtedness that was fully refinanced with the Syndicated Senior Secured Credit Facility comprised of the following credit facilities:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-top:9.9pt; margin-right:0.2pt; margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">$55.7 Million Credit Agricole Credit Facility: </font><font style="font-family:'Times New Roman'">This facility bore interest at LIBOR plus a margin of 2.75% </font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'">per annum. As of September 23, 2019, the outstanding balance on this facility amounted to $50,961 and was</font><font style="font-family:'Times New Roman'">&#xa0; </font></li></ul><p style="margin:0pt 0.2pt 0pt 18pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'">fully refinanced.</font></p><p style="margin:0pt 0.2pt 0pt 18pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-right:0.2pt; margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">$24.5 Million Blue Ocean Credit Facility: </font><font style="font-family:'Times New Roman'">A facility with Blue Ocean Income Fund LP, Blue Ocean Onshore Fund LP, Blue Ocean Investments SPC One and Blue Ocean Investments SPC Three (together, &#8220;Blue Ocean&#8221;). This facility bore interest on $18,830 of principal at LIBOR plus a margin of 4.00% per annum. As of September 24, 2019, the outstanding balance on this facility amounted to $23,652 and was fully refinanced.</font></li></ul><p style="margin:0pt 37.25pt 0pt 36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-right:0.2pt; margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">$65.3 Million ABN AMRO Credit Facility Blue Ocean Credit Facility: </font><font style="font-family:'Times New Roman'">This facility bore interest at LIBOR plus a margin of 3.42% per annum up to March 31, 2019 and afterwards 3.50% per annum. As of September 24, 2019, the outstanding balance on this facility amounted to $61,595 and was fully refinanced.</font></li></ul><p style="margin:0pt 37.25pt 0pt 36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-right:0.2pt; margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">$17.1 Million Amsterdam Trade Bank (&#8220;ATB&#8221;) Credit Facility: </font><font style="font-family:'Times New Roman'">This facility bears interest at LIBOR plus a margin of 3.90% per annum. As of September 27, 2019, the outstanding balance on this facility amounted to $12,600 and was fully refinanced. </font></li></ul><p style="margin:0pt 37.25pt 0pt 36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-right:0.2pt; margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">$80.0 Million Credit Agricole Credit Facility: </font><font style="font-family:'Times New Roman'">This facility bore 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. As of September 24, 2019, the outstanding balance on this facility amounted to $75,500 and was fully refinanced.</font></li></ul><p style="margin-top:0pt; margin-right:0.2pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of </font><font style="font-family:'Times New Roman'">December 31, 2020</font><font style="font-family:'Times New Roman'">, the outstanding balance of Tranche A amounted to $238,000.</font></p><p style="margin-top:9.9pt; margin-right:0.2pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The interest rate is LIBOR plus a margin of 3.00% and is payable at each quarter end date.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">e)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">$38.5 Million Blue Ocean Junior Credit Facility</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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 11d).</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">This facility bears interest at 10.00% per annum.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of September 19, 2019, the outstanding balance on the following facility which was acquired in connection with the Poseidon Transaction and was fully refinanced with the Blue Ocean Junior Credit facility:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-top:9.9pt; margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">$38.5 Million Blue Ocean Credit Facility: </font><font style="font-family:'Times New Roman'">The Facility bore interest at 10.00% fixed payable quarterly in arrears. As of September 19, 2019, the outstanding balance on this facility amounted to $38,500 and was fully refinanced. </font></li></ul><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2020, the outstanding balance on this facility amounted to $38,500.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">f)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">$180.5 Million Deutsche, CIT, HCOB, Entrust, Blue Ocean Credit Facility</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">In connection with the Poseidon Transaction, the Company assumed debt from the three </font><font style="font-family:'Times New Roman'">vessel</font><font style="font-family:'Times New Roman'"> 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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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 (&#8220;Senior Facility&#8221;) and a junior facility in an amount of $38,600 (&#8220;Junior Facility&#8221;). The Lenders of the Senior Facility are Hamburg Commercial Bank AG (&#8220;HCOB&#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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; text-decoration:underline">Senior Facility </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Senior Facility bears interest at LIBOR plus 3.00% payable quarterly in arrears.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2020, the outstanding balance on the Senior Facility was $117,180.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; text-decoration:underline">Junior Facility </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Junior Facility bears interest at LIBOR plus 10.00% payable quarterly in arrears.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2020, the outstanding balance on the Junior Facility was $31,875. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">g)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">$54.8 Million Citi Credit Facility</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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 matured no later than October 31, 2020. The interest rate was LIBOR plus a margin of 3.25% and is payable at least quarterly.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2020, the outstanding balance on this facility was</font><font style="font-family:'Times New Roman'"> fully repaid.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">h)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">$65.0 Million Hayfin Credit Facility</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">7, 2018, the Company and certain subsidiaries entered into a facility agreement with Hayfin Services LLP (the &#8220;Lenders&#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 </font><font style="font-family:'Times New Roman'">vessel</font><font style="font-family:'Times New Roman'">s 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</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">10, 2019 and has a final maturity date of July</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">10, 2019 when the availability period was terminated. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Any debt drawn under the Hayfin Credit Facility will be secured by first priority </font><font style="font-family:'Times New Roman'">vessel</font><font style="font-family:'Times New Roman'"> mortgage on the acquired </font><font style="font-family:'Times New Roman'">vessel</font><font style="font-family:'Times New Roman'"> (the &#8220;Facility Mortgaged </font><font style="font-family:'Times New Roman'">Vessel</font><font style="font-family:'Times New Roman'">&#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 </font><font style="font-family:'Times New Roman'">Vessel</font><font style="font-family:'Times New Roman'">. In addition, the Hayfin Credit Facility is fully and unconditionally guaranteed, jointly and severally, by the Company, GSL Holdings, Inc. and Facility Mortgaged </font><font style="font-family:'Times New Roman'">vessel</font><font style="font-family:'Times New Roman'"> owning subsidiaries. An initial tranche of $8,125 was drawn on September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">10, 2018 in connection with the acquisition of the GSL Valerie. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2020, the outstanding balance of this facility was $5,833.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(i) $59.0 Million Hellenic Bank Credit Facility</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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 </font><font style="font-family:'Times New Roman'">vessel</font><font style="font-family:'Times New Roman'">s GSL Eleni, GSL Grania and GSL Kalliopi (see note 4). </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">An initial tranche of $13,000 was drawn on May</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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. </font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">This facility bears interest at LIBOR plus a margin of 3.90% per annum.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2020, the outstanding balance of this facility was $49,700.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">j)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">$9.0 Million Chailease Credit Facility</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On February 26, 2020, the Company via its subsidiaries, Athena Marine LLC, Aphrodite Marine LLC and Aris Marine LLC entered into a secured term facility agreement with Chailease International Financial Services Pte., Ltd. for an amount of $9,000. The Chailease Bank Facility is to be used for the refinance of DVB Credit Facility (see note 11c). </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Facility is repayable in 36 consecutive monthly instalments $156 and 24 monthly installments of $86 with a final balloon of $1,314 payable together with the final instalment. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">This facility bears interest at LIBOR plus a margin of 4.20% per annum. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2020, the outstanding balance of this facility was $7,596.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">k)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Repayment Schedule</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Maturities of long-term debt for the years subsequent to December 31, 2020 are as follows:</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:467.8pt; border-collapse:collapse"><tr style="height:11.35pt"><td colspan="2" style="width:346.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Payment due by year ended</font></p></td><td colspan="2" style="width:93.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Amount</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:11.35pt"><td colspan="2" style="width:346.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">December 31, 2021</font></p></td><td style="width:3.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:79.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">76,681</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:11.35pt"><td colspan="2" style="width:346.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">December 31, 2022</font></p></td><td style="width:3.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:79.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">200,032</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:11.35pt"><td colspan="2" style="width:346.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">December 31, 2023</font></p></td><td style="width:3.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:79.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">60,284</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:11.35pt"><td colspan="2" style="width:346.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">December 31, 2024</font></p></td><td style="width:3.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:79.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">314,894</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:11.35pt"><td colspan="2" style="width:346.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">December 31, </font><font style="font-family:Arial">2025 </font></p></td><td style="width:3.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:79.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">27,812</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:11.35pt"><td colspan="2" style="width:346.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">December 31, </font><font style="font-family:Arial">2026 and thereafter</font></p></td><td style="width:3.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:79.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">102,236</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:11.35pt"><td colspan="2" style="width:346.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:79.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">781,939</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:16.15pt"><td style="width:31.9pt; vertical-align:bottom"><p style="margin-top:6.6pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="4" style="width:435.9pt; vertical-align:bottom"><p style="margin-top:6.6pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:31.9pt"></td><td style="width:325.05pt"></td><td style="width:13.95pt"></td><td style="width:89.9pt"></td><td style="width:7pt"></td></tr></table><p style="margin-top:6.6pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">l)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Deferred Financing Costs</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:474.85pt; border-collapse:collapse"><tr style="height:14.65pt"><td style="width:304.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:60.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:1.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:64.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td></tr><tr style="height:11.15pt"><td style="width:304.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Opening balance</font></p></td><td style="width:3.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:46.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">14,095</font></p></td><td style="width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:52.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">9,299</font></p></td></tr><tr style="height:11.15pt"><td style="width:304.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Expenditure in the period</font></p></td><td style="width:3.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1,193</font></p></td><td style="width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:52.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">7,904</font></p></td></tr><tr style="height:11.15pt"><td style="width:304.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Amortization included within interest expense</font></p></td><td style="width:3.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(4,085)</font></p></td><td style="width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:52.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ccecff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(3,108) </font></p></td></tr><tr style="height:11.15pt"><td style="width:304.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Closing balance</font></p></td><td style="width:3.85pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:46.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">11,203</font></p></td><td style="width:1.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:52.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">14,095</font></p></td></tr></table><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">During 2020, total costs amounting $776 were incurred in connection with the &#8220;At Market Issuance Sales Agreement&#8221; of 2024 Notes (see note 11b). In addition, total costs amounting $67 were incurred in connection with the Syndicated Senior Secured Credit Facility (see note 11d), costs amounting $320 in connection with the Chailease Credit Facility (see note 11j) and costs amounting $30 in connection with the two Tranches of Hellenic Bank Credit Facility that were drawn down during the twelve months ended December 31, 2020 (see note 11i).</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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 11i). These costs are being amortized on an effective interest rate basis over the life of the financings for which they were incurred.</font></p><p style="margin-top:9.9pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">m)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold">Debt covenants-securities</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Amounts drawn under the facilities listed above are secured by first priority mortgages on the Company&#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.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2020, and December 31, 2019, the Company was in compliance with its debt covenants.</font></p></div> All subsidiaries are 100% owned, either directly or indirectly; Twenty-foot Equivalent Units; GSL Eleni delivered 3Q2019 and is chartered for five years; GSL Kalliopi (delivered 4Q2019) and GSL Grania (delivered 3Q2019) are chartered for three years plus two successive periods of one year at the option of the charterer; GSL Christen is chartered for 2 – 10 months, at charterer’s option. The charter commenced in July 2020; GSL Vinia and GSL Christel Elisabeth were delivered in December 2019 and are contracted on 52 – 60 months charters; 12-month extension at charterer’s option callable in 2Q2022; 12 - 24 month charter (which commenced in June 2019), at charterer’s option; Charter with MSC to November/December 2020, at which time the vessels were dry-docked.