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0001448397 ship:AmsterdamTradeBankNVMember ship:LoanAgreementDatedSeptember252017Member 2018-01-01 2018-12-31 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure ship:Agreement ship:Vessel ship:Subsidiary ship:Segment ship:Installment ship:Payment ship:FinancialInstitution utr:t ship:Drawdown iso4217:EUR iso4217:USD iso4217:EUR false --12-31 2018-12-31 Marshall Islands Marshall Islands Hong Kong Marshall Islands Marshall Islands Malta Liberia Marshall Islands Malta Bermuda Liberia British Virgin Islands British Virgin Islands British Virgin Islands Marshall Islands Marshall Islands British Virgin Islands Liberia Marshall Islands Marshall Islands Liberia Malta Marshall Islands British Virgin Islands Marshall Islands No Yes Non-accelerated Filer Seanergy Maritime Holdings Corp. 0001448397 2666223 2018 FY 20-F false false false 28.13 30.00 28.13 30.00 8778000 14426000 257000 433000 2649000 3626000 1771000 1855000 317000 2332000 1488000 4725000 4634000 785000 1854000 4045000 0 10353000 20852000 27600000 383010000 385846000 383010000 385846000 0 10389000 9400000 0 10389000 0 0 9400000 10389000 624000 0 0 0 624000 1295000 0 0 1295000 0 730000 730000 591000 21000 24000 20000 1281000 604000 0 0 1163000 4339000 2127000 792000 2384000 1955000 1335000 2127000 1163000 4339000 634000 556000 870000 -1721000 -903000 15219000 267562000 275705000 66482000 54063000 19498000 16883000 1064000 2361000 52999000 64121000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2.</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Significant Accounting Policies:</font></div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Principles of Consolidation</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) and include the accounts and operating results of Seanergy and its wholly-owned subsidiaries where Seanergy has control. Control is presumed to exist when Seanergy, through direct or indirect ownership, retains the majority of the voting interest. In addition, Seanergy evaluates its relationships with other entities to identify whether they are variable interest entities and to assess whether it is the primary beneficiary of such entities. If the determination is made that the Company is the primary beneficiary, then that entity is included in the consolidated financial statements. When the Company does not have a controlling interest in an entity, but exerts a significant influence over the entity, the Company applies the equity method of accounting. All significant intercompany balances and transactions and any intercompany profit or loss on assets remaining with the Group have been eliminated in the accompanying consolidated financial statements.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company deconsolidates a subsidiary or derecognizes a group of assets when the Company no longer controls the subsidiary or group of assets specified in <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">Accounting Standards Codification (ASC or Codification) </font>810-10-40-3A. When control is lost,&#160; the Company derecognizes the assets and liabilities of the qualifying subsidiary or group of assets. The Financial Accounting Standards Board ("FASB") concluded that the loss of control and the related deconsolidation of a subsidiary or derecognition of a group of assets specified in ASC 810-10-40-3A is a significant economic event that changes the nature of the investment held in the subsidiary or group of assets. Based on this consideration, a gain or loss is recognized upon the deconsolidation of a subsidiary or derecognition of a group of assets.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Use of Estimates</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The preparation of 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. Significant items subject to such estimates include evaluation of relationships with other entities to identify whether they are variable interest entities, determination of vessel useful lives, allocation of purchase price in a business combination, determination of vessels&#8217; impairment and determination of goodwill impairment.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Foreign Currency Translation</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Seanergy's functional currency is the United States dollar since the Company's vessels operate in international shipping markets and therefore primarily transact business in U.S. Dollars. The Company's books of accounts are maintained in U.S. Dollars. Transactions involving other currencies are translated into the United States dollar using exchange rates that are in effect at the time of the transaction. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated to United States dollars at the foreign exchange rate prevailing at year-end. Gains or losses resulting from foreign currency translation are reflected in the consolidated statement of loss.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Concentration of Credit Risk</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents and trade accounts receivable. The Company places its cash and cash equivalents, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of the financial institutions in which it places its deposits. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of the financial condition of its customers.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(e)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Cash and Cash Equivalents</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Seanergy considers time deposits and all highly liquid investments with an original maturity of three months or less to be cash equivalents.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(f)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Restricted Cash</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Restricted cash is excluded from cash and cash equivalents. Restricted cash represents minimum cash deposits or cash collateral deposits required to be maintained with certain banks under the Company's borrowing arrangements or in relation to bank guarantees issued on behalf of the Company, which are legally restricted as to withdrawal or use. In the event that the obligation relating to such deposits is expected to be terminated within the next twelve months, these deposits are classified as current assets; otherwise they are classified as non-current assets.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(g)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Accounts Receivable Trade, Net</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Accounts receivable trade, net at each balance sheet date, includes receivables from charterers for hire, freight and demurrage billings, net of a provision for doubtful accounts.</font> Receivables related to spot voyages are determined to be unconditional and include in Accounts Receivable Trade, Net.<font style="font-size: 10pt; font-family: 'Times New Roman';"> At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. No provision for doubtful accounts was established as of December 31, 2018 and 2017.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(h)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Inventories</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Inventory is measured at the lower of cost or net realizable value according to the provisions of ASU 2015-11, <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Inventory</font>. Net realizable value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. </font><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Cost is determined by the first in, first out method.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Insurance Claims</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">The Company records insurance claim recoveries for insured losses incurred on damage to fixed assets and for insured crew medical expenses and for legal fees covered by directors' and officers' liability insurance. Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company's fixed assets suffer insured damages or when crew medical expenses are incurred, recovery is probable under the related insurance policies, the claim is not subject to litigation and the Company can make an estimate of the amount to be reimbursed. The classification of the insurance claims into current and non-current assets is based on management's expectations as to their collection dates</font>.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(j)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Vessels</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Vessels acquired as a part of a business combination are recorded at fair market value on the date of acquisition. Vessels acquired as asset acquisitions are stated at historical cost, which consists of the contract price less discounts, plus any material expenses incurred upon acquisition (delivery expenses and other expenditures to prepare for the vessel's initial voyage). Vessels acquired from entities under common control are recorded at historical cost. Subsequent expenditures for conversions and major improvements are capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Expenditures for routine maintenance and repairs are expensed as incurred</font>.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(k)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Vessel Depreciation</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">Depreciation is computed using the straight-line method over the estimated useful life of the vessels (25 years), after considering the estimated salvage value. Salvage value is estimated by the Company by taking the cost of steel times the weight of the ship noted in lightweight ton. Salvage values are periodically reviewed and revised to recognize changes in conditions, new regulations or for other reasons. Revisions of salvage values affect the depreciable amount of the vessels and affect depreciation expense in the period of the revision and future periods.</font></font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(l)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Impairment of Long-Lived Assets (Vessels)</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company reviews its long-lived assets for impairment whenever events or changes in circumstances, such as prevailing market conditions, obsolesce or damage to the asset, business plans to dispose a vessel earlier than the end of its useful life and other business plans, indicate that the carrying amount of the assets, plus unamortized dry-docking costs, may not be recoverable. The volatile market conditions in the dry bulk market with decreased charter rates and decreased vessel market values are conditions that the Company considers to be indicators of a potential impairment for its vessels.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company determines undiscounted projected operating cash flows for each vessel and compares it to the vessel's carrying value. When the undiscounted projected operating cash flows expected to be generated by the use of the vessel and/or its eventual disposition are less than the vessel&#8217;s carrying amount, the Company impairs the carrying amount of the vessel. Measurement of the impairment loss is based on the fair value of the asset as determined by independent valuators and use of available market data. The undiscounted projected operating cash inflows are determined by considering the charter revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the non-fixed days (based on a combination of one year charter rates estimates and the average of the trailing 10-year historical charter rates, excluding the trough years 2015 and 2016, available for each type of vessel) adjusted for commissions, expected off hires due to scheduled maintenance and estimated unexpected breakdown off hires. The undiscounted projected operating cash outflows are determined by applying various assumptions regarding vessel operating expenses and scheduled maintenance.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(m)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Dry-Docking and Special Survey Costs</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">The Company follows the deferral method of accounting for dry-docking costs and special survey costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the expected date of the next dry-docking which is scheduled to become due in 2 to 3 years. Dry-docking costs which are not fully amortized by the next dry-docking period are expensed.</font></font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(n)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Commitments and Contingencies</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Liabilities for loss contingencies, arising from claims, assessments, litigation, fines and penalties, environmental and remediation obligations and other sources are recorded when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated</font>.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(o)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Revenue Recognition</font></div></td></tr></table><div style="text-align: justify;"><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">Revenues are generated from time charters, bareboat charters and spot charters. A time charter is a contract for the use of a vessel as well as vessel operations for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. Some of the time charters also include profit sharing provisions, under which additional revenue can be realized in the event the spot rates are higher than the base rates under the time charters. A bareboat charter is a contract in which the vessel is provided to the charterer for a fixed period of time at a specified daily rate, which is generally payable in advance. Spot charter agreements are charter hires, where a contract is made in the spot market for the use of a vessel for a specific voyage at a specified charter rate per ton of cargo.</font></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">Time charter revenue, including bareboat charter revenue, is recorded over the term of the charter agreement as the service is provided and collection of the related revenue is reasonably assured. Under a time charter, revenue is adjusted for a vessel's off hire days due to major repairs, dry dockings or special or intermediate surveys (Note 2(p)). 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The prior period comparative information has not been restated and continues to be reported under the accounting guidance in effect for these periods. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. The Company has analyzed its contacts with charterers as at the adoption date, and has determined that its spot charters fall under the provisions of ASC 606, while its time charter agreements contain leases which are evaluated under lease guidance as discussed in Note 2(p).&#160; ASC 606 indicates that an entity should perform a five-step approach in recognizing revenue, which might require more judgement and estimates compared to previous guidance. The Company assessed its contracts with charterers for spot charters with effect as at January 1, 2018, and concluded that there is one single performance obligation for its spot charters, which is to provide the charterer with a transportation service within a specified time period. In addition, the Company has concluded that spot charters meet the criteria to recognize revenue over time as the charterer simultaneously receives and consumes the benefits of the Company&#8217;s performance. Previously, voyage revenue was recognized from the latter of the cargo discharge of the previous voyage and the signing of the next charter or date of the new charter party until completion of cargo discharge. Under the new revenue standard, voyage revenue is recognized from the time when the vessel arrives at the load port until completion of cargo discharge. 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Under ASC 606 and after implementation of ASC 340-40&#160;&#8220;Other assets and deferred costs&#8221;&#160;for contract costs, incremental costs of obtaining a contract with a customer, and contract fulfillment costs, should be capitalized and amortized as the performance obligation is satisfied, if certain criteria are met. The Company has adopted the practical expedient</font></font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';"> not to capitalize incremental costs when the amortization period (voyage period) is less than one year. Costs to fulfill the contract prior to arriving at the load port primarily consist of bunkers which are deferred and amortized during the voyage period. Voyage costs arising as performance obligation are expensed as incurred.</font></font></div><div><br /></div><div style="text-align: justify;"><font style="display: inline !important; float: none; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.33px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">The adoption of new standard resulted in an increase in the opening Accumulated deficit balance as of January 1, 2018 of approximately $1,788 as a result of the adjustment of Vessels revenue and Voyage expenses. </font>The balance sheet accounts affected are Accounts Receivable Trade, Net by $1,488 and Deferred Voyage Expenses by $300<font style="display: inline !important; float: none; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.33px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">. Having not adopted ASC 606, the Company's: (i) vessel revenues would have been $95,202 for the year ended December 31, 2018, (ii) voyage expenses would have been $40,162 for the year ended December 31, 2018 and (iii) commissions would have been $3,352 as of December 31, 2018. 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This is expected to increase both reported assets and liabilities. The new lease standard does not substantially change lessor accounting. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. In July 2018, the FASB issued ASU No. 2018-11, <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Leases (ASC 842) &#8211; Targeted Improvements</font>. The amendments in this Update: (i) provide entities with an additional (and optional) transition method to adopt the new leases standard, under which an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers' requests and (ii) provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if both of the following are met: (a) the timing and pattern of transfer of the non-lease component(s<font style="font-family: 'Times New Roman'; font-size: 10pt;">) and associated lease component are the same and (b) the lease component, if accounted for separately, would be classified as an operating lease. If the non-lease component or components associated with the lease component are the predominant component of the combined component, an entity is required to account for the combined component in accordance with ASC 606. Otherwise, the entity should account for the combined component as an operating lease in accordance with ASC 842. Under ASC 842, lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply</font> the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures.</font></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><br /></font></div><div style="text-align: justify;"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="letter-spacing: normal; white-space: normal; word-spacing: 0px; color: #000000; font-size: 13.33px; font-style: normal; font-variant: normal; font-weight: 400; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none;">The Company elected to early adopt ASC 842, as amended from time to time, retrospectively from January 1, 2018,&#160; the beginning of the Company&#8217;s annual period in accordance with ASC 250, using the modified retrospective method. The prior period comparative information has not been restated and continues to be reported under the accounting guidance in effect for those periods (ASC 840), including disclosure requirements. The Company also elected to apply the additional and optional transition method to new and existing leases at the adoption date as well as all the practical expedients discussed above </font><font style="display: inline !important; float: none; background-color: transparent; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.33px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">which allowed the Company&#8217;s existing lease arrangements, in which it was a lessee or lessor, classified as operating leases under ASC 840 to continue to be classified as operating leases under ASC 842. </font><font style="letter-spacing: normal; white-space: normal; word-spacing: 0px; color: #000000; font-size: 13.33px; font-style: normal; font-variant: normal; font-weight: 400; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none;">In this respect, no&#160;cumulative-effect adjustment was recognized&#160;to the 2018 opening balance of retained earnings even though the</font><font style="display: inline !important; float: none; background-color: transparent; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.33px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;"> Company recognized a right of use asset for rental of office space at the adoption date.</font><font style="letter-spacing: normal; white-space: normal; word-spacing: 0px; color: #000000; font-size: 13.33px; font-style: normal; font-variant: normal; font-weight: 400; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none;"> The Company assessed its new time charter contracts at the adoption date under the new guidance and concluded that these contracts contain a lease with the related executory costs (insurance), as well as non-lease components to provide other services related to the operation of the vessel, with the most substantial service being the crew cost to operate the vessel. The Company concluded that the criteria for not separating lease and non-lease components of its time charter contracts are met, since (i) the time pattern of recognizing revenues for crew and other services for the operation of the vessels is similar to the time pattern of recognizing rental income, (ii)&#160;the lease component of the time charter contracts, if accounted for separately, would be classified as an operating lease, and&#160;(iii) the predominant component in its time charter agreements is the lease component. 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The existence of an obligation for the Company, as seller-lessee, to repurchase the asset precludes accounting for the transfer of the asset as sale as the transaction would be classified as a financing arrangement by the Company as it effectively retains control of the underlying asset.</font></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">If the transfer of the asset meets the criteria of sale, the Company, as seller-lessee recognizes the transaction price for the sale when the buyer-lessor obtains control of the asset, derecognizes the carrying amount of the underlying asset and accounts for the lease in accordance with ASC 842. If the transfer does not meet the criteria of sale, the Company does not derecognize the transferred asset, accounts for any amounts received as a financing arrangement and recognizes the difference between the amount of consideration received and the amount of consideration to be paid as interest.</font></font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(r)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Commissions</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Commissions, which include address and brokerage commissions, are recognized in the same period as the respective charter revenues. Address commissions to third parties are included in Commissions while&#160; brokerage commissions to third parties are included in Voyage expenses</font>.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(s)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Vessel Voyage Expenses</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">Vessel voyage expenses primarily consist of port, canal, bunker expenses and brokerage commissions that are unique to a particular charter and are paid for by the charterer under time charter agreements and other non-specified voyage expenses</font>.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 27pt;"><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(t)</font></div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Repairs and Maintenance</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">All repair and maintenance expenses, including major overhauling and underwater inspection expenses are expensed in the year incurred. Such costs are included in Vessel operating expenses</font>.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(u)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Financing Costs</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">Underwriting, legal and other direct costs incurred with the issuance of long-term debt or to refinance existing debt are deferred and amortized to interest expense over the life of the related debt using the effective interest method. Unamortized fees relating to loans repaid are expensed in the period the repayment is made. The Company presents unamortized deferred financing costs as a reduction of long-term debt in the accompanying balance sheets</font>.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(v)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Income Taxes</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized, when applicable, for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in general and administration expenses.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Maritime Capital Shipping (HK) Limited, the Company's management office in Hong Kong, is subject to Hong Kong profits tax at a rate of 16.5% on the estimated assessable profit for the year. The estimated profits tax for the year ended December 31, 2018 is $NIL.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Seanergy Management Corp. ("Seanergy Management"), the Company's management company, established in Greece under Greek Law 89/67 (as amended to date), is subject to an annual contribution calculated on the total amount of foreign exchange annually imported and converted to Euros. The contribution to be paid in 2019 by Seanergy Management for 2018 is estimated at $99.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Two of the Company&#8217;s vessel-owning subsidiaries were registered in Malta since May 23, 2018. The subsidiaries are subject to a corporate flat tax rate for that period.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Pursuant to the Internal Revenue Code of the United States (the "Code"), U.S. source income from the international operations of ships is generally exempt from U.S. tax if the company operating the ships meets both of the following requirements: (a) the Company is organized in a foreign country that grants an equivalent exception to corporations organized in the United States and (b) either (i) more than 50% of the value of the Company's stock is owned, directly or indirectly, by individuals who are "residents" of the Company's country of organization or of another foreign country that grants an "equivalent exemption" to corporations organized in the United States (50% Ownership Test) or (ii) the Company's stock is "primarily and regularly traded on an established securities market" in its country of organization, in another country that grants an "equivalent exemption" to United States corporations, or in the United States (Publicly-Traded Test).</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Notwithstanding the foregoing, the regulations provide, in pertinent part, that each class of the Company's stock will not be considered to be "regularly traded" on an established securities market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified stock attribution rules, on more than half the days during the taxable year by persons who each own 5% or more of the value of such class of the Company's outstanding stock ("5 Percent Override Rule").</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company and each of its subsidiaries did not qualify for this statutory tax exemption for the 2018 taxable year, as the Company did not meet the 50% Ownership Test requirement for 2018.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company estimates that since no more than the 50% of its shipping income will be treated as being United States source income, the effective tax rate is expected to be 2% and accordingly it anticipates that the impact on its results of operations will not be material. Some of the charterparties contain clauses that permit the Company to seek reimbursement from charterers of any U.S. tax paid. The Company has sought reimbursement and has secured payment from most of its charterers. The Company&#8217;s U.S. federal income tax based on its U.S. source shipping income for 2018, 2017 and 2016, taking into consideration charterers&#8217; reimbursement, was $NIL, $NIL and $34, respectively</font>.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 27pt;"><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(w)</font></div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Stock-based Compensation</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">Stock-based compensation represents vested and non-vested common stock granted to directors and employees for their services as well as to non-employees. For common stock granted to directors and employees, the Company calculates stock-based compensation expense for the award based on its fair value on the grant date and recognizes it on an accelerated basis over the vesting period. For common stock granted to non-employees, the Company calculates stock-based compensation expense for the award based on its fair value at each financial reporting date and recognizes the aggregate fair value on the measurement date (i.e., the vesting date)</font>. <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">The Company assumes that all non-vested shares will vest. The Company does not include estimated forfeitures in determining the total stock-based compensation expense because it estimates the forfeitures of non-vested shares to be immaterial. The Company re-evaluates the reasonableness of its assumption at each reporting period.</font></font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(x)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Earnings (Losses) per Share</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Basic earnings (losses) per common share are computed by dividing net income (loss) available to Seanergy's shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings (losses) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted at the beginning of the periods presented, or issuance date, if later. The treasury stock method is used to compute the dilutive effect of warrants and shares issued under the Equity Incentive Plan. The if-converted method is used to compute the dilutive effect of shares which could be issued upon conversion of the convertible notes. Potential common shares that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted earnings per share</font>.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(y)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Segment Reporting</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">Seanergy reports financial information and evaluates its operations by total charter revenues and not by the length of vessel employment, customer, or type of charter. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet and thus, Seanergy has determined that it operates under one reportable segment. Furthermore, when Seanergy charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, disclosure of geographic information is impracticable</font>.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 27pt;"><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(z)</font></div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Financial Instruments</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Derivative instruments (including certain derivative instruments embedded in other contracts) are recorded in the balance sheet as either an asset or liability measured at its fair value, with changes in the derivatives' fair value recognized currently in earnings unless specific hedge accounting criteria are met</font>.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(aa)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Fair Value Measurements</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">The Company follows the provisions of ASC 820, </font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Fair Value Measurement</font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">, which defines fair value and provides guidance for using fair value to measure assets and liabilities. The guidance creates a fair value hierarchy of measurement and describes fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at the fair value in one of the following categories</font>:</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Level 1: Quoted market prices in active markets for identical assets or liabilities;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Level 3: Unobservable inputs that are not corroborated by market data.</font></div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 27pt;"><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ab)</font></div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Troubled Debt Restructurings</font></div></td></tr></table><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><br /></font></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">A restructuring of a debt constitutes a troubled debt restructuring if the lender or creditor for economic or legal reasons related to the Company's financial difficulties grants a concession to the Company that it would not otherwise consider. Troubled debt that is fully satisfied by foreclosure, repossession, or other transfer of assets or by grant of equity securities by the Company is included in the term troubled debt restructuring and is accounted as such.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company, when issuing or otherwise granting an equity interest to a lender or creditor to fully settle a payable or debt, accounts for the equity interest granted at its fair value. The difference between the fair value of the equity interest granted and the carrying amount of the payable or debt settled is recognized as a gain on restructuring of payables or debt. Legal fees and other direct costs incurred in granting an equity interest to a creditor reduce the fair value of the equity interest issued. All other direct costs incurred in connection with a troubled debt restructuring are charged to expense as incurred</font>.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ac)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Convertible Notes and related Beneficial Conversion Features</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The convertible notes are accounted for in accordance with ASC 470-20 "Debt with Conversion and Other Options." The terms of each convertible&#160; note included an embedded conversion feature which provided for a conversion at the option of the holder into shares of common stock at a predetermined rate.&#160; The Company determined that the conversion features were beneficial conversion features ("BCF") pursuant to </font>ASC 470-20. The Company considered the BCF guidance only after determining that the features did not need to be bifurcated under ASC 815 "Derivatives and Hedging" or separately accounted for under the cash conversion literature of ASC 470-20.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">Accounting for an embedded BCF in a convertible instrument requires that the BCF be recognized separately at issuance by allocating a portion of the proceeds equal to the intrinsic value of the BCF to additional paid-in capital, resulting in a discount on the convertible instrument. This discount is accreted from the date on which the BCF is first recognized through the stated maturity date of the convertible instrument using the effective yield method. If the intrinsic value of the BCF is greater than the proceeds allocated to the convertible instrument, the amount of the discount assigned to the BCF is limited to the amount of the proceeds allocated to the convertible instrument</font>.<font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">&#160;</font>The intrinsic value of the BCF is determined as the number of shares converted from the convertible note times the positive difference between the fair value of the stock on the commitment date and the contractual conversion price.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ad)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Going Concern</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In August 2014, the FASB issued ASU No. 2014-15, <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Presentation of Financial Statements - Going Concern</font>. ASU No. 2014-15 provides guidance on management's responsibility in evaluating whether there is substantial doubt about a company's ability to continue as a going concern and on related required footnote disclosures.&#160; For each reporting period, management is required to evaluate whether there are conditions or events that raise substantial doubt about the Company&#8217;s ability to continue as a going concern within one year from the date the financial statements are issued.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">Recent Accounting Pronouncements adopted</font></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">On January 1, 2018, the Company adopted ASU No. 2016-13, <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Financial Instruments &#8211; Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</font>, which amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities.&#160; On the same date, the Company adopted ASU No. 2018-19, <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Codification Improvements to Topic 326, Financial Instruments&#8212;Credit Losses</font>. The amendments in this update clarify that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, collectability of receivables arising from operating leases should be accounted for in accordance with Topic 842, <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Leases</font>. The adoption of ASU No. 2016-13 and ASU No. 2018-19 did not have any effect in the Company&#8217;s consolidated financial statements and disclosures.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">On January 1, 2018, the Company adopted ASU No. 2016-15, </font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Statement of Cash Flows (Topic 230) &#8211; Classification of Certain Cash Receipts and Cash Payments,</font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';"> which addresses the following eight specific cash flow issues with the objective of reducing the existing diversity in practice: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The adoption of the new accounting guidance did not have a material impact on the Company&#8217;s consolidated results of operations, financial condition or cash flows.</font></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">On January 1, 2018, the Company adopted ASU No. 2017-09, </font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Compensation&#8212;Stock Compensation (Topic 718)</font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">, which clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. ASU 2017-09 allows companies to make certain changes to awards without accounting for them as modifications, and does not change the accounting for modifications. The adoption of this new accounting guidance did not have a material effect on the Company's consolidated results of operations, financial condition or cash flows.</font></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Recent Accounting Pronouncements Not Yet Adopted</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">In June 2018, the FASB issued ASU No. 2018-07, </font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Compensation&#8212;Stock Compensation</font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">, which concerns improvements to nonemployee share-based payment accounting. The amendments in this Update affect all entities that enter into share-based payment transactions for acquiring goods and services from nonemployees. The amendments in this Update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor&#8217;s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, </font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Revenue from Contracts with Customers</font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">. Consistent with the accounting requirement for employee share-based payment awards, nonemployee share-based payment awards within the scope of Topic 718 are measured at grant-date fair value of the equity instruments that an entity is obligated to issue when the good has been delivered or the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied. Equity-classified nonemployee share-based payment awards are measured at the grant date. The definition of the term grant date is amended to generally state the date at which a grantor and a grantee reach a mutual understanding of the key terms and conditions of a share-based payment award. Generally, the classification of equity-classified nonemployee share-based payment awards will continue to be subject to the requirements of Topic 718 unless modified after the good has been delivered, the service has been rendered, any other conditions necessary to earn the right to benefit from the instruments have been satisfied, and the nonemployee is no longer providing goods or services. This eliminates the requirement to reassess classification of such awards upon vesting. ASU 2018-07 is effective for public business entities in annual periods beginning after December 15, 2018 and interim periods within those years. Early adoption is permitted, including adoption in any interim period for which financial statements have not yet been issued or made available for issuance, but not before an entity adopts the new revenue guidance. The Company is currently evaluating the provisions of this guidance and assessing its impact on its consolidated financial statements and notes disclosures.</font></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">In August 2018, the FASB issued ASU No. 2018-13, </font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Disclosure Framework: Changes to the Disclosure Requirements for Fair Value Measurement</font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">, which improves the effectiveness of fair value measurement disclosures. In particular, the amendments in this Update modify the disclosure requirements on fair value measurements in Topic 820, </font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Fair Value Measurement</font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">, based on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting&#8212;</font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Chapter 8: Notes to Financial Statements</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, including the consideration of costs and benefits. 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An entity is permitted to early adopt any removed or modified disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective date. 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font-size: 10pt;">)</font></div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right;"><font style="font-family: 'Times New Roman',serif; font-size: 10pt;">-</font></div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td></tr></table><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;"><br /></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;"><br /></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Schedule I- Condensed Financial Information of Seanergy Maritime Holdings Corp. (Parent Company Only)</div><div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Notes To The Condensed Financial Statements</font></div><div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">(All amounts in footnotes in thousands of US Dollars)</font></div><div style="margin-top: 3pt; margin-bottom: 3pt;"><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">1.</font></td><td style="width: auto; vertical-align: top; text-align: left;"><div><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">Basis of Presentation</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">In the parent-company-only condensed financial statements, the Parent Company's (the "Company") investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries. The Parent Company did not receive cash dividends from its subsidiaries during the years ended December 31, 2018, 2017 and 2016.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">The parent-company-only condensed financial statements should be read in conjunction with the Company's consolidated financial statements.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">2.</font></td><td style="width: auto; vertical-align: top; text-align: left;"><div><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">Transactions with Related Parties</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-style: italic;">Convertible Notes</font></div><div><br /></div><div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">On March 12, 2015, the Company issued a convertible note of $4,000 to Jelco for general corporate purposes. As amended, at Jelco's option, the outstanding principal amount under the convertible note may be paid at any time in common shares at a conversion price of $13.50 per share.</font></div><div><br /></div><div style="text-align: justify;"><font style="display: inline !important; float: none; background-color: transparent; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.33px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">On September 7, 2015, the Company issued a revolving convertible note of up to $6,765 to Jelco for general corporate purposes. As amended, the maximum principal amount available to be drawn was increased to $24,665. Following an amendment on September 1, 2018, a</font><font style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &amp;quot; font-size: 13.33px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;"> drawdown request of up to $3,500 may be made by April 10, 2019 (the &#8220;Final Revolving Advance Date&#8221;). If the request is not made by the Final Revolving Advance Date, the advance will not be available to be drawn and the principal amount will be decreased to $21,165. </font><font style="display: inline !important; float: none; background-color: transparent; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.33px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">At Jelco's option, the Company's obligation to repay the principal amount under the revolving convertible note may be paid in common shares at a conversion price of $13.50 per share.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">On September 27, 2017, the Company issued a convertible note of $13,750 to Jelco. As amended, at Jelco's option, the outstanding principal amount under the convertible note may be paid at any time in common shares at a conversion price of $13.50 per share. <font style="font-family: 'Times New Roman', serif; font-size: 10pt;">Of the $13,750 under the note, $4,750 were used to make a mandatory prepayment under the May 2017 Jelco loan facility.</font></font></div><div><br /></div><div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">See Note 3 "Transactions with Related Parties" to the consolidated financial statements for further information.</font></div><div><br /></div><div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-style: italic;">Loan Agreements</font></div><div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-style: italic;"><br /></font></div><div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">On October 4, 2016, the Company entered into a $4,150 secured loan facility with Jelco to finance the initial deposits for the vessels<font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-style: italic;"> Lordship</font>&#160;and the<font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-style: italic;"> Knightship</font>. On November 17, 2016 and November 28, 2016, the Company entered into amendments to this facility, which, among other things, increased the aggregate amount that may be borrowed under the facility to up to $12,800. On December 14, 2016, the Company prepaid Jelco a total of $6,900 in accordance with the facility provisions.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">On March 28, 2017, the Company had entered into a $47,500 loan agreement with Jelco.&#160;Under the terms of this agreement, Jelco would have made available this facility to the Company in the event that the Company was not able to secure third party financing to partly fund a couple of the its transactions. This facility was terminated on September 27, 2017, and no amounts were drawn down under this facility.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">On May 24, 2017, the Company entered into an up to $16,200 secured loan facility with Jelco to partially finance the acquisition of the<font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-style: italic;"> Partnership</font>. The Company drew down the $16,200 on May 24, 2017. On June 22, 2017 and on August 22, 2017, the Company entered into supplemental letters with Jelco to amend the terms of this loan facility, whereby a mandatory repayment of $4,750 was deferred until September 29, 2017. On September 27, 2017, the facility was amended and restated. The mandatory repayment of $4,750 was financed by the convertible note issued to Jelco on September 27, 2017.</font></div><div><br /></div><font style="display: inline !important; float: none; background-color: transparent; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.33px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">On April 10, 2018, the </font><font style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &amp;quot; font-size: 13.33px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">Company entered into</font><font style="display: inline !important; float: none; background-color: transparent; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.33px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;"> a $2,000 loan facility with Jelco for working capital purposes. The Company drew down the $2,000 on April 12, 2018. The facility, as amended and restated on June 13, 2018 and as further amended on August 11, 2018 and January 31, 2019 by supplemental letters, bears interest at 10% per annum, payable quarterly, and the principal is payable in one bullet payment due on April 1, 2019. The facility is secured by a guarantee from the Company&#8217;s wholly-owned subsidiary, Emperor Holding Ltd. As of December 31, 2018, $2,000 was outstanding under this loan facility and is classified under non-current liabilities.</font><div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;"><br /></font></div><div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">See Note 3 "Transactions with Related Parties" to the consolidated financial statements for further information.</font></div><div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;"><br /></font></div><div style="text-align: left;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt; text-align: justify;">In March 2019, the Company reached an in-principle agreement with Jelco for (i) an additional term loan facility in the amount of $7,000 to be provided by Jelco to the Company, the proceeds of which will be used to (a) refinance the Third Jelco Loan Facility with current outstanding balance of $2,000 and (b) for general corporate purposes; (ii) the extension of the maturity of the First Jelco Note to December 31, 2020 and (iii) the extension of the availability of the $3,500 advance under the Second Jelco Note by one more year, to April 10, 2020. This agreement is subject to completion of definitive documentation.</div><div style="font-family: 'Times New Roman', serif; font-size: 10pt; text-align: justify;"><br /></div><font style="font-family: 'Times New Roman', serif; font-size: 10pt;"></font></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">3.</font></td><td style="width: auto; vertical-align: top; text-align: left;"><div><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">Guarantee</font></div></td></tr></table><div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;"><br /></font></div><div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">The Company has guaranteed the payment of principal and interest under the terms of the following loan agreements: the <font style="font-family: 'Times New Roman', serif; font-size: 10pt;">March 6, 2015 loan agreement with Alpha Bank A.E.</font>, the S<font style="font-family: 'Times New Roman', serif; font-size: 10pt;">eptember 1, 2015 loan agreement with </font>Hamburg Commercial Bank AG, formerly known as <font style="font-family: 'Times New Roman', serif; font-size: 10pt;">HSH Nordbank AG, the September 11, 2015 facility agreement with UniCredit Bank AG, the November 4, 2015 loan agreement with Alpha Bank A.E., the May 24, 2017 facility agreement with Amsterdam Trade Bank N.V, the June 11, 2018 loan agreement with </font>Blue Ocean maritime lending funds managed by EnTrustPermal and the June 28, 2018 <font style="font-family: 'Times New Roman', serif; font-size: 9.5pt;">sale and leaseback agreement with Hanchen Limited</font><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">. </font>In the event of a default under these loan agreements, the Company will be directly liable to the lenders. These facilities mature at various times between 2020 and 2026. 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The amount of the dividends so declared shall not exceed 50% of Seanergy's net income except in case the cash and marketable securities are equal or greater than the amount required to meet Seanergy's consolidated installment and debt interest payments for the following eighteen-month period.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">The Alpha Bank A.E. loan facility dated November 4, 2015 places a restriction on the Company's ability to distribute dividends to its shareholders. 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Control is presumed to exist when Seanergy, through direct or indirect ownership, retains the majority of the voting interest. In addition, Seanergy evaluates its relationships with other entities to identify whether they are variable interest entities and to assess whether it is the primary beneficiary of such entities. If the determination is made that the Company is the primary beneficiary, then that entity is included in the consolidated financial statements. When the Company does not have a controlling interest in an entity, but exerts a significant influence over the entity, the Company applies the equity method of accounting. All significant intercompany balances and transactions and any intercompany profit or loss on assets remaining with the Group have been eliminated in the accompanying consolidated financial statements.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company deconsolidates a subsidiary or derecognizes a group of assets when the Company no longer controls the subsidiary or group of assets specified in <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">Accounting Standards Codification (ASC or Codification) </font>810-10-40-3A. When control is lost,&#160; the Company derecognizes the assets and liabilities of the qualifying subsidiary or group of assets. 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font-family: 'Times New Roman';">792</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">792</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Balance, December 31, 2017</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">17,750</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(14,389</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">-</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">2,384</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">2,384</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Balance, December 31, 2018</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">17,750</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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font-family: 'Times New Roman'; font-weight: bold;"> limit</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Debt </font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">discount</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Accumulated</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> deficit</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: &amp;amp; font-weight: bold;">Debt</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Balance, December 31, 2016</font></div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">21,165</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; 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vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">872</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Amortization (Note 11)</font></div></td><td colspan="1" valign="bottom" style="text-align: right; 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vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">2,207</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Additions</font></div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">3,500</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">-</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; 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width: 9%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">-</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Amortization (Note 11)</font></div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; 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vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">1,955</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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Diluted earnings (losses) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted at the beginning of the periods presented, or issuance date, if later. The treasury stock method is used to compute the dilutive effect of warrants and shares issued under the Equity Incentive Plan. The if-converted method is used to compute the dilutive effect of shares which could be issued upon conversion of the convertible notes. 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The guidance creates a fair value hierarchy of measurement and describes fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. 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This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. 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The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company's investment strategy. 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However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability. 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The Company believes the terms of its fixed interest long-term debt are similar to those that could be procured as of December 31, 2018, and the carrying value of $2,000 approximates the fair market value of $2,007. 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Pursuant to the terms of the amendment, i) the ratio of the market value of the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Squireship</font> plus any additional security to the total facility outstanding shall not be less than 100% as from April 1, 2019 until March 31, 2020, shall not be less than 111% starting from April 1, 2020 until March 31, 2021 and shall not be less than 125% from April 1, 2021 until the end of the security period, ii) the consolidated interest cover ratio (EBITDA to Net Interest Expense) shall not be (a) until and including March 31, 2019 lower than 1.2:1, the compliance with such obligation to be tested on each Financial Semester Day starting from July 1, 2018 and (b) as from April 1, 2019 until the expiration of the security period, lower than 2:1, the compliance with such obligation to be tested on each Financial Semester Day starting from April 1, 2019 and iii) the Corporate Leverage Ratio as defined in the loan agreement will not be (a) at the end of December 31, 2018 higher than 0.85:1.0, the compliance with such obligation to be tested on each Financial Semester Day starting from July 1, 2018; (b) on March 31, 2019 higher than 0.80:1.0 and (c) starting from June 1, 2019 and at the end of each Accounting Period higher than 0.75:1.0, the compliance with such obligation to be tested on each Financial Semester Day starting from June 30, 2019. 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The loan was secured by a first priority mortgage over the vessel. <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">On March 7, 2017, the Company entered into a supplemental agreement and a settlement agreement with Natixis to the secured term loan facility dated December 2, 2015.&#160; Under the terms of the supplemental agreement the secured term loan was repayable in four installments: $2,000 due April 28, 2017, $2,000 due June 30, 2017, $3,000 due September 29, 2017, and $32,412 due May 2, 2018.&#160; Under the terms of the settlement agreement, the Company had an option, until September 29, 2017, to satisfy the full amount of the facility by making a prepayment of $28,000, which included any payments made in connection with the first three installment payments made under the supplemental agreement.&#160; Upon such prepayment, the facility would be deemed satisfied in full. </font>On September 29, 2017, Natixis entered into a deed of release and fully discharged the $35,412 outstanding balance of the secured term loan facility obligations to the lender for a total settlement amount of $24,000 on September 29, 2017. The first-priority mortgage over the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Championship</font> and all other securities created in favour of Natixis were irrevocably and <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">unconditionally released pursuant to the deed of release. In the third quarter of 2017, the Company recognized a gain from the Natixis refinancing of $11,392, net of $6 refinancing charges and $14 write-off of&#160;unamortized deferred financing charges.</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></font></div><div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On November 28, 2016, the Company entered into a $32,000 secured term loan facility with Northern Shipping Fund III LP, or NSF,&#160;to partly finance the acquisition of the two second hand Capesize vessels <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Lordship</font> and<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> Knightship</font>. The facility bore interest at 11% per annum, which was payable quarterly, and the principal was repayable in four consecutive quarterly installments of $900 each, commencing on March 13, 2019. On June 13, 2018 and June 28, 2018, respectively, NSF entered into deeds of release, with respect to the<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> Lordship</font> and the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Knightship</font>, respectively, resulting in a complete release of the facility agreement dated November 28, 2016 after full settlement of the outstanding balance of $32,000. The first-priority mortgages over the<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> Lordship</font> and the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Knightship</font> and all other securities created in favor of NSF were irrevocably and unconditionally released pursuant to the deeds of release.</font></div><div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On May 24, 2017, the Company entered into an up to $18,000 term loan facility with Amsterdam Trade Bank N.V. to partially finance the acquisition of the&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Partnership</font>. The loan bore interest at LIBOR plus a margin of 4.65% per annum which is payable quarterly. The principal was repayable by twenty equal consecutive quarterly installments of $200 each and a balloon installment of $14,000 due on the maturity date, May 26, 2022. On each quarterly repayment date, an additional repayment of at least $10, or an integral multiple of that amount, of any excess cash standing in the vessel&#8217;s operating account would applied towards reducing the balloon installment. Excess cash, as defined in the loan facility, was any amount above $1,000. The aggregate amount of the additional repayments would not exceed $3,600. <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">As of December 31, 2018, the aggregate amount of the additional repayments was $410. </font>The loan was made available in two drawdowns: (i) $13,250 was drawn down on May 26, 2017 and (ii) $4,750 was drawn down on June 22, 2017. The loan facility required that the borrower would maintain in aggregate $500 as minimum liquidity. The loan was secured by a first priority mortgage and general assignment covering earnings, insurances and requisition compensation over the vessel, an earnings account pledge, shares security deed relating to the shares of the vessel's owning subsidiary, technical and commercial managers' undertakings and a charter assignment.</font></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On September 25, 2017, in order to partially fund the refinancing of the Natixis facility, the Amsterdam Trade Bank loan facility was amended and restated, increasing the loan amount of the facility by an additional tranche of $16,500, or Tranche B. The principal of Tranche B was repayable by quarterly installments in addition to a balloon installment of any outstanding indebtedness due on the maturity date, May 26, 2022. The amendment and restatement of the facility did not alter the interest rate, the maturity date, the amortization and the repayment terms of the existing tranche under the loan facility, or the financial covenants applicable to the Company as guarantor. The amended and restated loan facility was secured by first preferred mortgages and general assignments covering earnings, insurances and requisition compensation over the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Partnership</font> and <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Championship</font>, earnings account pledges, shares security deeds relating to the shares of both vessels' owning subsidiaries, technical and commercial managers' undertakings and, where applicable, charter assignments. On May 18, 2018, the Company signed a supplemental agreement with Amsterdam Trade Bank N.V. by which: i) the ratio of EBITDA to net interest payments was amended to: not less than 1.2 times during the period commencing on June 30, 2018 and ending on June 29, 2019 and not less than 2</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> times from June 30, 2019 and for the remaining part of the security period and ii) the Leverage Ratio was amended to: no more than 85% during the period commencing on June 30, 2018 and ending on March 30, 2019, no more than 80% during the period commencing on March 31, 2019 and ending on June 29, 2019 and no more than 75% during the period commencing on June 30, 2019 and for the remaining part of the security period. On November 7, 2018, Amsterdam Trade Bank entered into a deed of release with respect to the<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> Championship</font>, releasing the underlying borrower in full after the settlement of the outstanding balance of $15,700 pertaining to the specific vessel tranche. The first-priority mortgage over the<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> Championship</font> and all other securities created in favor of Amsterdam Trade Bank for the specific vessel tranche were irrevocably and unconditionally released pursuant to the deed of release. The second-priority mortgage over the<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> Championship</font> and all other securities created in favor of Jelco were also irrevocably and unconditionally released pursuant to a separate deed of release. As of December 31, 2018, the amount outstanding under the facility was $16,390. On February 15, 2019, Amsterdam Trade Bank N.V. entered into a further deed of release with respect to the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Partnership</font> resulting in a complete release of the facility agreement after full settlement of the outstanding balance of $16,390 (Note 14(g)). On February 13, 2019, the Company entered into a new loan facility with Amsterdam Trade Bank N.V. (Note 14(c)).</font><br /></div><div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">On June 11, 2018, the Company entered into a $24,500 loan agreement with Blue Ocean maritime lending funds managed by EnTrustPermal for the purpose of refinancing the outstanding indebtedness of the<font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;"> Lordship</font> under the previous loan facility with NSF dated November 28, 2016. The borrower under the facility is the applicable vessel-owning subsidiary and the facility is guaranteed by the Company. The facility matures in June 2023 and can be extended until June 2025 subject to certain conditions. Specifically, the borrower has the right to sell the vessel back to the lender at a pre-agreed price of $20,800 on the fifth anniversary of the loan utilization (&#8220;Year-5 Put Option&#8221;). If the borrower elects to exercise the Year-5 Put Option, the lender has the right to extend the termination date of the loan by a further two years, in which case the exercise of the Year-5 Put Option by the borrower shall be cancelled in its entirety. Furthermore, the borrower has the right to sell the ship back to the lender at a pre-agreed price of $15,000 on the seventh anniversary of the loan utilization (&#8220;Year-7 Put Option&#8221;). If the borrower elects to exercise the Year-7 Put Option then the lenders will be obliged to purchase the ship at the pre-agreed price. The new facility is secured by a first priority mortgage over the vessel, general assignment covering earnings, insurances and requisition compensation, an account pledge agreement and a share pledge agreement concerning the respective vessel-owning subsidiary and technical and commercial managers' undertakings. The new loan facility bears a weighted average all-in interest rate of 11.4% and 11.2% assuming a maturity date in June 2023 or in June 2025, respectively. The principal obligation amortizes in 20 or 28 quarterly installments, with a balloon payment of $15,300 or $9,500 due at maturity, assuming a maturity date in June 2023 or in June 2025, respectively.&#160; The facility also imposes certain customary operating covenants. Certain of these covenants may significantly limit or prohibit, among other things, the borrower's ability to incur additional indebtedness, create liens, sell capital shares of subsidiaries, engage in mergers, or sell the vessel without the consent of the relevant lenders. As of December 31, 2018, the amount outstanding under the facility was $24,100.</font></div><div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each secured facility is secured by a first priority mortgage over the respective vessel. As of December 31, 2018, the Company was in compliance with all debt covenants in effect with respect to its secured facilities.<br /></font></div><div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other Financial Liabilities - Sale and Leaseback Transactions</font></font></div><div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On June 28, 2018, the Company entered into a $26,500 sale and leaseback agreement for the<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> Knightship</font> with Hanchen Limited (&#8220;Hanchen&#8221;), an affiliate of AVIC International Leasing Co., Ltd., for the purpose of refinancing the outstanding indebtedness of the<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> Knightship</font> under the previous loan facility with NSF dated November 28, 2016. The Company's&#160;wholly-owned subsidiary&#160;(&#8220;Charterer&#8221;) sold and chartered back the vessel on a bareboat basis for an eight year period, having a purchase obligation of $5,299 at the end of the eighth year and having the option to repurchase the<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> Knightship</font> at any time following the second anniversary of the bareboat charter. Under ASC&#160;842-40,&#160;the transaction was accounted for as a financial liability. The bareboat charter is secured by a general assignment covering earnings, insurances and requisition compensation, an account pledge agreement and a share pledge agreement of the shares of the Charterer and technical and commercial managers' undertakings. The Company provided a guarantee to Hanchen. </font></div><div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Of the $26,500, $18,550 were cash proceeds, $6,625 was withheld by Hanchen as an upfront charterhire upon the delivery of the vessel, and an amount of $1,325, included in &#8220;Deposits assets, non-current&#8221; in the consolidated balance sheet, was paid as a deposit by the Charterer to Hanchen upon the delivery of the vessel in order to secure the due observance and performance by the Charterer of its obligations and undertakings as per the sale and leaseback agreement. The deposit can be set off against the balloon payment at maturity. The Charterer is required to maintain a value maintenance ratio (as defined in the additional clauses of the bareboat charter) of at least 120%. In addition, the bareboat charter requires the Charterer to maintain an amount of $1,325 (Note 4) until the second anniversary of the delivery date or if earlier, a sub-charter in form and substance acceptable to Hanchen is available. The charterhire principal bears interest at LIBOR plus a margin of 4% and amortizes in thirty two consecutive equal quarterly installments of approximately $456 along with a balloon payment of $5,299 at maturity on June 29, 2026. 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Under ASC&#160;842-40,&#160;the transaction was accounted for as a financial liability. The sub-bareboat charter is secured by an account pledge agreement and technical and commercial managers' undertakings. The Company is required to maintain an amount of $1,600 which will be used at the vessel repurchase (Note 4). Moreover, under the subject sale and leaseback agreement, an additional tranche was provided to the Company for an amount of up to $2,750 for the purpose of financing the cost associated with the acquisition and installation on board the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Championship</font> of an open loop scrubber system. As of December 31, 2018, $2,170 remains from this additional tranche, which is included in "Deposits assets, non-current" in the consolidated balance sheet, with the balance of $580 having been paid towards the acquisition and installation of the open loop scrubber system. The subject tranche has been placed in an escrow account included in "Deposits assets, non-current" in the consolidated balance sheet, in the name of Cargill and will be made available gradually subject to certain progress milestones. The cost of the financing is equivalent to an expected fixed interest rate of 4.71% for five years. The sale and leaseback agreement does not include any financial covenants or security value maintenance provisions. The Company has continuous options to buy back the vessel during the whole five-year sale and leaseback period at predetermined prices as set forth in the agreement and at the end of which period it has a purchase obligation at $14,051. Additionally, at the time of purchase, if the market value of the vessel is greater than a floor price, the Company will pay to Cargill 20% of the difference between the market price and the floor price. The floor price, as set forth in the agreement, starts at $30,000 on November 7, 2018, and amortizes to $22,773 at the end of the five year term.&#160; The Company has concluded that such contingency shall not be accrued in the consolidated financial statements, since information available does not indicate that it is probable that a liability has been incurred as of the latest balance sheet date and cannot be estimated. Moreover, as part of the transaction, the Company has issued 120,000 of its common shares to Cargill which are subject to customary statutory registration requirements. The fair market value of the shares on the date issued to Cargill will be amortized over the lease term using the effective interest method.&#160; The unamortized balance is classified in other financial liabilities on the consolidated balance sheet. 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The amendments in this update clarify that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, collectability of receivables arising from operating leases should be accounted for in accordance with Topic 842, <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Leases</font>. 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ASU 2017-09 allows companies to make certain changes to awards without accounting for them as modifications, and does not change the accounting for modifications. 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Early adoption is permitted, including adoption in any interim period for which financial statements have not yet been issued or made available for issuance, but not before an entity adopts the new revenue guidance. 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font-size: 10pt;">Vessels acquired as a part of a business combination are recorded at fair market value on the date of acquisition. Vessels acquired as asset acquisitions are stated at historical cost, which consists of the contract price less discounts, plus any material expenses incurred upon acquisition (delivery expenses and other expenditures to prepare for the vessel's initial voyage). Vessels acquired from entities under common control are recorded at historical cost. Subsequent expenditures for conversions and major improvements are capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Expenditures for routine maintenance and repairs are expensed as incurred</font>.</font></div></div> 244332000 254730000 243214000 254730000 187415000 5299000 14051000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">3.</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Transactions with Related Parties:</font></div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">a.</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Convertible&#160; Notes:</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">March 12, 2015 - $4,000 Convertible&#160; Note</font></div><div><br /></div><div style="text-align: justify;"><font style="display: inline !important; float: none; background-color: transparent; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.33px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">On March 12, 2015 ("Commitment Date"), the Company issued a convertible note of $4,000 to Jelco Delta Holding Corp., or Jelco, a company affiliated with Claudia Restis, who is also the Company's principal shareholder, for general corporate purposes. As of December 31, 2018, $3,800 was outstanding under this note. </font>The next two installments, $200 each, are due in 2019 and the final installment of $200, along with a balloon installment of $3,200, is payable on the final maturity date, March 19, 2020 (Note 14j).<font style="display: inline !important; float: none; background-color: transparent; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.33px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;"> The note is secured by a guarantee from the Company&#8217;s wholly-owned subsidiary, Emperor Holding Ltd., which is the holding company of the vessel-owning subsidiary that owns the</font><font style="background-color: transparent; color: rgb(0, 0, 0); font-family: &amp;quot; font-size: 13.33px; font-style: italic; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;"> Lordship</font><font style="display: inline !important; float: none; background-color: transparent; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.33px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;"> and of the bareboat charterer of the</font><font style="background-color: transparent; color: rgb(0, 0, 0); font-family: &amp;quot; font-size: 13.33px; font-style: italic; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;"> Knightship</font><font style="display: inline !important; float: none; background-color: transparent; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.33px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">September 27, 2017 - $13,750 Convertible&#160; Note</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">On September 27, 2017 ("Commitment Date"), the Company issued a convertible note to Jelco for an amount of $13,750<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">. </font>On February 13, 2019, the Company and Jelco entered into an amendment to this note (Note 14(d)). As of December 31, 2018, $13,750 was outstanding under this note. <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">The note is secured by a second preferred mortgage and second priority general assignment covering earnings, insurances and requisition compensation over the</font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"> Partnership </font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">and guarantees from </font>the Company&#8217;s respective vessel-owning subsidiary that owns the <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Partnership</font> and from the Company&#8217;s wholly-owned subsidiary, Emperor Holding Ltd.; all cross collateralized with the loan entered into with Jelco on May 24, 2017, as amended and restated and further supplemented (Note 14). 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vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">-</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; 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padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">-</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; 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At Jelco's option, the outstanding principal amount under each of the three convertible notes or any part thereof may be paid at any time in common shares at a conversion price of $13.50 per share. 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The facility is secured by a <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">second preferred mortgage and second priority general assignment covering earnings, insurances and requisition compensation over the</font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"> Partnership </font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">and</font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">&#160;</font>guaranteed from the Company&#8217;s wholly-owned subsidiary, Emperor Holding Ltd. and the vessel-owning subsidiary of the <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Partnership</font>. As of December 31, 2018, $5,900 was outstanding under this loan facility and is classified under non-current liabilities. The balance sheet amount is shown net of deferred financing costs.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">On May 24, 2017, the Company entered into an up to $16,200 loan facility with Jelco to partially finance the acquisition of the <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Partnership</font>. The Company drew down the $16,200 on May 24, 2017 with an amount of $4,750 being repaid during 2017 (Note 3(a)). <font style="font-size: 10pt; font-family: 'Times New Roman';">The facility, as amended, currently bears interest at three-month LIBOR plus a margin of 6% per annum which is payable quarterly and the principal is repayable in one bullet payment due on the maturity date. The maturity date, as amended on February 13, 2019, has been deferred to December 30, 2020 (Note 14). The facility is secured by a second preferred mortgage over the </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Partnership</font><font style="font-size: 10pt; font-family: 'Times New Roman';">, second priority general assignment covering earnings, insurances and requisition compensation over the vessel, a guarantee from the vessel-owning subsidiary of the </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Partnership</font><font style="font-size: 10pt; font-family: 'Times New Roman';"> and a guarantee from the Company&#8217;s wholly-owned subsidiary, Emperor Holding Ltd. 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The facility, as amended on June 13, 2018 and as further amended on August 11, 2018 and January 31, 2019 (Note 14) by supplemental letters, bears interest at 10% per annum, payable quarterly, and the principal is payable in</font> one bullet payment due by April 1, 2019 (Note 14j)<font style="display: inline !important; float: none; background-color: transparent; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.33px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">. The facility is secured by a guarantee from the Company&#8217;s wholly-owned subsidiary, Emperor Holding Ltd. As of December 31, 2018, $2,000 was outstanding under this loan facility and is classified under non-current liabilities.</font></div></div> 6900000 0 0 6900000 6900000 0 0 6900000 0 0 0 36435000 650000 68468000 24000000 1550000 260000 50000 50000 600000 500000 -341697000 -364543000 -341697000 -364543000 95202000 73769000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(o)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Revenue Recognition</font></div></td></tr></table><div style="text-align: justify;"><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">Revenues are generated from time charters, bareboat charters and spot charters. A time charter is a contract for the use of a vessel as well as vessel operations for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. Some of the time charters also include profit sharing provisions, under which additional revenue can be realized in the event the spot rates are higher than the base rates under the time charters. A bareboat charter is a contract in which the vessel is provided to the charterer for a fixed period of time at a specified daily rate, which is generally payable in advance. Spot charter agreements are charter hires, where a contract is made in the spot market for the use of a vessel for a specific voyage at a specified charter rate per ton of cargo.</font></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">Time charter revenue, including bareboat charter revenue, is recorded over the term of the charter agreement as the service is provided and collection of the related revenue is reasonably assured. Under a time charter, revenue is adjusted for a vessel's off hire days due to major repairs, dry dockings or special or intermediate surveys (Note 2(p)). Spot charter revenue is recognized on a pro-rata basis over the duration of the voyage, when a voyage agreement exists, the price is fixed or determinable, service is provided and the collection of the related revenue is reasonably assured.</font></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';"><font style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &amp;quot; font-size: 13.33px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">On January&#160;1, 2018, the Company adopted ASU No.&#160;2014-09, </font><font style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &amp;quot; font-size: 13.33px; font-style: italic; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">Revenue from Contracts with Customers</font><font style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &amp;quot; font-size: 13.33px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;"> and the related amendments (&#8220;ASC 606&#8221; or &#8220;the new revenue standard&#8221;) using the modified retrospective method, requiring recognition of the cumulative effect of adopting this guidance as an adjustment to the 2018 opening balance of retained earnings and not retrospectively adjusting prior periods. The prior period comparative information has not been restated and continues to be reported under the accounting guidance in effect for these periods. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. The Company has analyzed its contacts with charterers as at the adoption date, and has determined that its spot charters fall under the provisions of ASC 606, while its time charter agreements contain leases which are evaluated under lease guidance as discussed in Note 2(p).&#160; ASC 606 indicates that an entity should perform a five-step approach in recognizing revenue, which might require more judgement and estimates compared to previous guidance. The Company assessed its contracts with charterers for spot charters with effect as at January 1, 2018, and concluded that there is one single performance obligation for its spot charters, which is to provide the charterer with a transportation service within a specified time period. In addition, the Company has concluded that spot charters meet the criteria to recognize revenue over time as the charterer simultaneously receives and consumes the benefits of the Company&#8217;s performance. Previously, voyage revenue was recognized from the latter of the cargo discharge of the previous voyage and the signing of the next charter or date of the new charter party until completion of cargo discharge. Under the new revenue standard, voyage revenue is recognized from the time when the vessel arrives at the load port until completion of cargo discharge. 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border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> 2018</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2017</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Accounts receivable trade, net from spot charters</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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The Company re-evaluates the reasonableness of its assumption at each reporting period.</font></font></div></div> 1301494 2465289 2666223 2271479 1541000 0 0 1541000 0 0 80934 0 50987 2597000 0 0 2597000 0 0 1541000 1541000 193810 918998 120000 120000 78666 86666 185477 666666 87000 8333 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">10.</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">Capital Structure:</font></div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 27pt;"><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(a)</font></div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Common Stock</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">On January 8, 2016, the Company effected a one-for-five reverse stock split of the Company's issued common stock. 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On November 23, 2016, the Company completed the registered direct offering for net proceeds of approximately $3,210, which proceeds were used for general corporate purposes, including funding of vessel acquisitions.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">On December 13, 2016, the Company completed its public offering of 666,666 of its common shares and 10,000,000 class A warrants to purchase an aggregate of 666,666 common shares of the Company, <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">at a combined price of $22.50 per share and class A warrant</font>. The offering was in connection with the Company's form F-1 filed with the SEC on October 28, 2016, which was further amended on November 29, 2016, December 5, 2016, December 6, 2016 and December 8, 2016. The net proceeds were approximately $13,081, which proceeds were used to prepay $6,900 of the Jelco loan facility (Note 3) and for general corporate purposes, including funding of vessel acquisitions.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">On December 21, 2016, the Company completed the sale of an additional 86,666 of its common shares and 1,500,000 class A warrants to purchase 86,666 common shares of the Company, at a price of $22.35 per share and <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">$0.01 per class A warrant</font>, respectively, pursuant to the exercise of the over-allotment option granted to the underwriters in the Company's public offering that closed on December 13, 2016. The net proceeds were approximately $1,775, which proceeds were used for general corporate purposes, including funding of vessel acquisitions.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">On February 3, 2017, the Company entered into an Equity Distribution Agreement with Maxim Group LLC, or "Maxim", as sales agent, under which the Company would offer and sell, from time to time through Maxim up to $20,000 of its common shares. The Company would determine, at its sole discretion, the timing and number of shares to be sold pursuant to the Equity Distribution Agreement along with any minimum price below which sales would not be made.&#160; Maxim would make any sales pursuant to the Equity Distribution Agreement using its commercially reasonable efforts consistent with its normal trading and sales practices. Sales of common shares, if any, would be made by means of ordinary brokers' transactions on the Nasdaq Capital Market, in negotiated transactions or transactions that are deemed to be "at the market" offerings as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices. On June 27, 2017, the Company and Maxim mutually terminated the Equity Distribution Agreement. As of June 27, 2017, the Company has sold a total of 185,477 of its common shares for aggregate net proceeds of $2,597 in connection with this public at-the-market offering. 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This notification had no effect on the listing of the Company's common stock, and the applicable grace period to regain compliance was 180 days, <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">expiring on November 14, 2017. The Company could cure this deficiency if the closing bid price of its common stock was $1.00 per share or higher for at least ten consecutive business days during the grace period. On September 5, 2017, the Company received a letter from The Nasdaq Stock Market confirming that it has regained compliance with the minimum bid price requirement.</font></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">On April 23, 2018, the Company received written notification from the NASDAQ Stock Market, indicating that because the closing bid price of the Company's common stock for 30 consecutive business days, from March 8, 2018 to April 20, 2018, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market, the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2). Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to regain compliance was 180 days, or until October 22, 2018. On October 23, 2018, the Company received <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">written notification from the NASDAQ Stock Market, indicating that the Company was granted an additional 180-day grace period, until April 22, 2019, to cure its non-compliance with Nasdaq Listing Rule 5550(a)(2).</font> The Company can cure this deficiency if the closing bid price of its common stock is $1.00 per share or higher for at least ten consecutive business days during the grace period. The Company intends to cure the deficiency with a reverse stock split effectuated on March 20, 2019. During this time, the Company's common stock will continue to be listed and trade on the Nasdaq Capital Market.</font></div><div><br /></div><div style="text-align: justify;"><font style="display: inline !important; float: none; background-color: transparent; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.33px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">On March 20, 2019, the Company's common stock began trading on a split-adjusted basis, following a February 26, 2019 approval from the Company's Board of Directors to reverse split the Company's common stock at a ratio of one-for-fifteen. No fractional shares were issued in connection with the reverse split. Shareholders who would otherwise hold a fractional share of the Company&#8217;s common stock will receive a cash payment in lieu of such fractional share. 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Under the "cashless exercise", the holder will receive a net number of common shares determined according to class A warrant agreement. Similarly, if and only if an effective registration statement covering the issuance of the common shares under Warrant I is not available, the Warrant I may be exercised, at the holder's option, pursuant to the "cashless exercise" clause of the representative's warrant agreement. Under the "cashless exercise", the holder will receive a net number of common shares determined according to representative's warrant agreement. The Company may call the class A warrants for cancellation upon ten trading days prior written notice commencing thirteen months after issuance, subject to certain conditions, including the volume weighted average price of the Company's common shares exceeding $105.00 for a period of ten consecutive trading days.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">On December 21, 2016, in connection with the exercise of the over-allotment option granted to the underwriters in the public offering of December 13, 2016, the Company granted an additional 1,500,000 class A warrants at a price of <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">$0.01 per class A warrant</font> with an exercise price of $30.00 each. In connection with the offering, the Company also issued the representative of the underwriters a warrant ("Warrant II") to purchase 4,333 of its common shares ("Warrant Shares"). The purchase price of one Warrant Share, which will be received by the Company, is equal to $28.13. Exercise of the purchase rights represented by Warrant II may be made, in whole or in part. The class A warrants are immediately exercisable and expire on December 13, 2021. If and only if an effective registration statement covering the issuance of the common shares under the class A warrants is not available, the class A warrants may be exercised, at the holder's option, pursuant to the "cashless exercise" clause of the class A warrant agreement. Under the "cashless exercise", the holder will receive a net number of common shares determined according to class A warrant agreement. Similarly, if and only if an effective registration statement covering the issuance of the common shares under Warrant II is not available, the Warrant II may be exercised, at the holder's option, pursuant to the "cashless exercise" clause of the representative's warrant agreement. Under the "cashless exercise", the holder will receive a net number of common shares determined according to representative's warrant agreement. The Warrant II is exercisable beginning June 6, 2017 and expires on December 7, 2019.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">As of December 31, 2018, the Company had outstanding warrants, including both the class A warrants and Warrant I and Warrant II issued to the representative of the underwriters, exercisable to purchase an aggregate of 804,333 shares of the Company&#8217;s common shares.</font></div></div> 0.067 21303000 41313000 23284000 -313839000 0 337123000 0 -341697000 -364543000 0 385846000 369294000 30832000 0 -338462000 383010000 21303000 41313000 <div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr style="vertical-align: top;"><td style="width: 27pt; vertical-align: top;"><div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">14.</font></div></td><td style="width: auto; vertical-align: top; align: left;"><div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Subsequent Events</font></div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 9pt;">&#160;</td><td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">On January 10, 2019, the Compensation Committee granted an aggregate of 144,000 restricted shares of common stock pursuant to the Plan. Of the total 144,000 shares issued, 66,667 shares were granted to the board of directors, 70,666 shares were granted to certain of the Company's employees and 6,667 shares were granted to the sole director of the Company's commercial manager, a non-employee. The fair value of each share on the grant date was $9.15. All the shares will vest over a period of two years. 48,000 shares vested on January 10, 2019, </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">48,000</font> shares will vest on October 1, 2019 and </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">48,000</font> shares will vest on October 1, 2020.</font></div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 9pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">On January 31, 2019, the Company and Jelco entered into a supplemental letter with regards to the April 10, 2018 facility in order to extend the final repayment date to April 1, 2019.</font></div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 9pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">On February 13, 2019, the Company entered into a new loan facility with Amsterdam Trade Bank N.V. in order to (i) refinance the existing indebtedness over the <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Partnership</font> under the May 24, 2017 facility, as amended and restated thereon and (ii) for general working capital purposes and more specifically for the financing of installation of open loop scrubber systems on the <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Squireship</font> and <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Premiership</font>. The loan is divided in Tranche A, relating to the refinancing of the <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Partnership</font>, and Traches B and C for the financing of the scrubber systems on the <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Squireship</font> and the <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Premiership,</font> respectively. Pursuant to the terms of the facility, Tranche A is repayable in sixteen equal quarterly installments being $200 each starting from </font><font style="font-size: 10pt; font-family: 'Times New Roman';">February 26, 2019 and a balloon payment of $13,190 and each of Tranche B and C in twelve quarterly instalments of $187.5 starting from November 27, 2019. The loan bears interest of LIBOR plus a margin of 4.65% with quarterly interest payments. The loan is secured by a first priority mortgage over the <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Partnership</font>, a general assignment covering earnings, insurances and requisition compensation over the <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Partnership</font>, an earnings account pledge, a shares security deed relating to the shares of the vessel&#8217;s owning subsidiary, technical and commercial managers' undertakings and charter assignments.</font></div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 9pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">On February 13, 2019, the Company and Jelco entered into a second amending and restating deed amending and restating the October 4, 2016 facility, as amended and restated thereon, in order to, among other things, (i) extend the final repayment date to June 30, 2020 and (ii) record new second priority securities over the <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Partnership.</font> A second priority mortgage, a second priority general assignment covering earnings, insurances and requisition compensation over the <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Partnership</font> and a guarantee issued from the vessel&#8217;s owning subsidiary were executed on February 15, 2019.</font></div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 9pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(e)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">On February 13, 2019, the Company and Jelco entered into a supplemental agreement to the May 24, 2017 facility, as amended and restated thereon, in order to, among other things, (i) extend the final repayment date to December 30, 2020 and (ii) record new second priority securities over the <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Partnership</font>. A second priority mortgage, a second priority general assignment covering earnings, insurances and requisition compensation over the <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Partnership</font> and a guarantee issued from the vessel&#8217;s owning subsidiary were executed on February 15, 2019. On the same date, Jelco entered into a deed of release and fully discharged the previous second priority mortgage over the <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Partnership</font> and all other securities created in favour of Jelco.<font style="font-size: 10pt; font-family: 'Times New Roman'; background-color: #ffffff;"></font></font></div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 9pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(f)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">On February 13, 2019, the Company amended the September 27, 2017 convertible&#160; note issued to Jelco, pursuant to which (i) the maturity date was extended to December 31, 2022, (ii) the aggregate outstanding principal amount shall be repaid on the maturity date, (iii) an option was given to the Company to prepay at any time the whole or any part of the note in a number of fully paid and nonassessable shares in the Company equal to an amount of the note being prepaid divided by a price per share to be agreed with Jelco and (iv) the note was secured by new second priority securities over the <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Partnership</font>. A second priority mortgage, a second priority general assignment covering earnings, insurances and requisition compensation over the <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Partnership</font> and a guarantee issued from the vessel&#8217;s owning subsidiary were executed on February 15, 2019.</font></div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 9pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(g)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">On February 15, 2019, Amsterdam Trade Bank N.V. entered into a deed of release and fully discharged the $16,390 outstanding balance of the May 24, 2017, as amended, senior secured term loan facility. The first priority mortgage over the <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Partnership</font> and all other securities created in favour of Amsterdam Trade Bank N.V. were irrevocably and <font style="font-size: 10pt; font-family: 'Times New Roman'; background-color: #ffffff;">unconditionally released pursuant to the deed of release.</font></font></div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 9pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(h)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">On March 20, 2019, the Company's common stock began trading on a split-adjusted basis, following a February 26, 2019 approval from the Company's Board of Directors to reverse split the Company's common stock at a ratio of one-for-fifteen. All share and per share amounts disclosed in the consolidated financial statements and notes give effect to this reverse stock split retroactively, for all periods presented.</font></div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 9pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">In February and March 2019, the Company received approval from the credit committees of certain of its lenders to (i) amend the applicable thresholds of certain financial covenants of its credit facilities until March 31, 2020 and (ii) defer a total of $3,311 of debt installments that were originally scheduled for 2019 to dates falling in 2020 and 2021. 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vertical-align: top; width: 9pt;"><div style="text-align: left; text-indent: -18pt; margin-left: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(5)</font></div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: left; text-indent: -18pt; margin-left: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Dormant companies</font></div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="align: right; vertical-align: top; width: 9pt;"><div style="text-align: left; text-indent: -18pt; margin-left: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(6)</font></div></td><td style="vertical-align: top; width: auto;"><div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Previously known as Champion Ocean Navigation Co., of the Republic of Liberia and redomiciled to the Republic of Malta on May 23, 2018</font></div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="align: right; vertical-align: top; width: 9pt;"><div style="text-align: left; text-indent: -18pt; margin-left: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(7)</font></div></td><td style="vertical-align: top; width: auto;"><div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Previously known as Partner Shipping Co., of the Republic of the Marshall Islands and redomiciled to the Republic of Malta on May 23, 2018</font></div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="align: right; vertical-align: top; width: 9pt;"><div style="text-align: left; text-indent: -18pt; margin-left: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(8)</font></div></td><td style="vertical-align: top; width: auto;"><div style="text-align: left;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Vessels under bareboat charter</font></div></td></tr></table></div> 2018-11-19 2018-10-11 2014-03-10 2014-03-07 2018-06-29 2012-10-15 2012-12-04 2018-11-07 Guardianship Gloriuship Squireship Partnership Championship Bremen Max Geniuship Leadership Clipper Glory Premiership Fellowship Knightship Lordship Gladiatorship Hamburg Max Clipper Grace 2008-09-25 2015-09-29 2017-05-31 2015-03-19 2015-09-11 2010-05-21 2015-11-03 2015-11-10 2015-10-21 2015-12-07 2016-11-30 2016-12-13 2015-10-13 2008-09-11 2010-05-21 2018-11-22 179213 2 465000 89000 10960000 32650000 28700000 11700000 2 0.5 0.5 0.02 0.05 0.5 0 0.5 0.1650 99000 2 19363000 31973000 1 1 1 1 4000000 17750000 17750000 24665000 6765000 21165000 24665000 21165000 6765000 21165000 24665000 4750000 4750000 3190000 3000000 3000000 1.45 1.45 0.85 2 2 3000000 1.2 0.75 0.8 1.2 1.11 1 265000 1173000 518000 7000 0 13000 6900000 425000 3601000 1217000 872000 2207000 4162000 4000000 14389000 14389000 21165000 21165000 21165000 13750000 3500000 3361000 0 792000 2384000 1335000 1955000 10389000 10389000 0 P3M P3M 0.01 10000000 1500000 P10D P13M 105.00 P10D 1.2 1.11 1.2 0.85 0.75 0.8 1 20000000 22.50 0.01 1.11 Subsidiaries wholly owned Management companies Previously known as Champion Ocean Navigation Co., of the Republic of Liberia and redomiciled to the Republic of Malta on May 23, 2018 Vessels under bareboat charter Previously known as Partner Shipping Co., of the Republic of the Marshall Islands and redomiciled to the Republic of Malta on May 23, 2018. Vessel owning subsidiaries owned by Maritime Capital Shipping Limited (or "MCS") Dormant companies Chartering services company Eliminated in consolidation