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15623000 17354000 15623000 17354000 4721000 4601000 1704000 1166000 1583000 1356000 371000 528000 2000 -33649000 -1448000 47000 0 4703000 2056000 4000 67000 -36351000 -3568000 0 0 -36351000 -3568000 0 0 2098000 1188000 40000 40000 -8.73 -1.11 13852000 31000 13883000 1352000 4854000 862000 1224000 514000 40000 -4015000 2221000 -242000 -6475000 0 -6475000 -2.51 83000 1950000 -131000 0 8882000 9925000 9135000 29000 3000 29902000 0 0 -2702000 -2120000 -2460000 48242000 83750000 103000 120000 50167000 83880000 240000 577000 1545000 650000 153000 171000 2366000 46000 5489000 2794000 55656000 86674000 21000 13000 145506000 140334000 -135648000 -99297000 9879000 41050000 36551000 1500000 26000 87000 37046000 2418000 1195000 35368000 4735000 6433000 1971000 1319000 0 86000 8731000 43206000 45777000 45624000 55656000 86674000 10000 10000 0 831000 1185000 1350000 562000 0 1250000 0 208000 0 622000 0 469000 0 1000 110013000 -89254000 -6475000 -6475000 30000 30000 13000 139684000 -95729000 -3568000 -3568000 50000 50000 600000 600000 13000 140334000 -99297000 20760000 -36351000 -36351000 21000 145506000 -135648000 40000 40000 43968000 0 0 0 11000 27271000 27282000 1000 2370000 2371000 5132000 5140000 8000 4721000 4601000 1704000 1166000 -861000 -1204000 -61000 5000 4703000 2056000 47000 0 -11000 -81000 40000 50000 337000 -400000 -895000 11000 18000 255000 -1013000 1303000 63000 -258000 -86000 -216000 213000 3851000 47000 0 -20000 -126000 43700000 15700000 1830000 19497000 -1085000 -1140000 3915000 1895000 2127000 -6435000 -2710000 0 600000 54000 26000 13000 100000 4854000 862000 -412000 4000 2221000 3000 181000 30000 66000 -145000 591000 -499000 -726000 82000 631000 245000 21000 3000 -263000 9653000 280000 4399000 0 3309000 2225000 2593000 163000 2756000 2320000 -1950000 131000 0 880000 203000 0 33833000 0 0 30000 0 0 Marshall Islands Marshall Islands Marshall Islands Marshall Islands Marshall Islands Malta December 18, 2007 May 19, 2010 May 25, 2010 June 22, 2011 September 15, 2011 Management Co. m/v River Globe m/v Sky Globe m/v Star Globe m/v Moon Globe m/v Sun Globe -3242000 23000 68000 straight-line basis straight-line basis 300000 250000 200000 -178000 -86000 880000 253000 0 1 If the employee remains in the employment of the Company until normal retirement age, they are entitled to retirement compensation which is equal to 40% of the compensation amount that would be payable if they were dismissed at that time. 26000 87000 P2Y6M 0 0,89 years 300000 674000 112000 51000 9169000 6454000 674000 32065077 3206495 10 0.99 2.88 0 1,89 years 0.85 0.80 0.0159 0.0248 0.08 1168000 3579000 25 years 0.01535 -0.0068 0.0531 50 0.99 10,000 1 562000 10000 46000 2356000 0 11100000 12800000 2366000 46000 2435000 2435000 1250000 0 1185000 1350000 1350000 1350000 147000 145000 187000 185000 224000 235000 224000 235000 40000 40000 145000 40000 185000 229000 229000 1252258 10360 11900000 139000 147000 140000 427000 20000000 8000000 4000000 100000 16885000 1688500 623058 16 1639000 April 12, 2017 3000000 100000 0.05 311500 114944 16 74000 January 12, 2018 3115000 1000 31000 318000 201000 0 0.240 0.443 0 200000 224000 235000 18524000 229000 3000 5000000 500000 16 0.004 280000 280000 556000 391000 April 1, 2021 0 15000000 100000 0.07 0.02 0 2.8 10 0.8 96000 0.4 800000 12800000 12000 2200000 11100000 3100000 2.8 1132191 117000 70000 112000 51000 674000 674000 179427000 97280000 6978000 83750000 5375000 26000 2174000 4578000 4831000 31000 23000 23000 4578000 5744000 2148000 4578000 1166000 2174000 5744000 179401000 92702000 4830000 4209000 87320000 149579000 7600000 48242000 54000 4578000 622000 1704000 676000 6282000 676000 6282000 101858000 7079000 179156000 87871000 3854000 3347000 91792000 976000 1221000 4831000 862000 5693000 245000 1221000 5693000 112000 0 0 6920000 8074000 7197000 4797000 2914000 0 0 0 0 0 0 0 0 0 0 29902000 29902000 29902000 0 0 7752000 8971000 9458000 11165000 10896000 48242000 0.01 50000 70000 0.9 The Company used the historical ten-year blended average one-year time charter rates. 0.87 0.0942 295000 313000 79000 78000 1171000 259000 307000 114000 56000 57000 1435000 999000 132000 102000 47000 41000 2000000 2000000 2000000 100000 100000 100000 100000 100000 100000 2200000 2200000 2200000 500000000 100000000 100000000 0.001 0.004 0.001 1000 13000 262755 3163030 3209327 2094 8797 37500 0 13000 5227159 17998 21000 0 0 0 2750000 148181 1000 11000 1999834 8000 0 0 37500 0.004 16 600000 2500000 1250000 0.0499 0.0999 0 250000 0 218000 3052321 3052321 139684000 1250000 1250000 0 0 0 Holders of the Company’s common shares and Class B shares have equivalent economic rights, but holders of Company’s common shares are entitled to one vote per share and holders of the Company’s Class B shares are entitled to twenty votes per share. 2371000 148181 -36351000 -3568000 -6475000 4165919 3200927 2574995 37000000 307000 -741000 0 -741000 36259000 307000 -295000 36868000 1487000 35663000 292000 295000 1500000 -449000 0 22163000 889000 882000 0 889000 882000 6000000 38487000 37163000 37746000 22163000 7500000 0 889000 882000 23934000 3971000 1771000 1180000 0 1180000 0 889000 882000 0 2444000 3972000 0 0 0 0 1771000 6416000 0 0 0 5970000 3309000 10079000 31030000 0 0 31030000 37000000 3309000 2200000 37863000 37000000 41109000 2200000 800000 0 800000 6000000 1500000 131000 Libor 0.085 37000000 0.105 6375000 6 quarterly 4779000 June 2022 7375000 6 quarterly 230000 266000 5995000 June 2022 7750000 6 quarterly 215000 6460000 June 2022 9000000 6 6 quarterly quarterly 406000 375000 4064000 6750000 June 2022 June 2022 0.05 250000 450000 37000000 6375000 7375000 7750000 6500000 9000000 Each Borrower shall maintain in its earnings account during a “Cash Sweep Period”, which is the period commencing on the relevant Utilisation Date and ending on 30 September 2019 and each three-month period thereafter commencing on 1 January, 1 April, 1 July and 1 October in each financial year of that Borrower, with the last such three-month period commencing on 30 June 2020 and ending on 30 September 2020, the applicable “Buffer Amount”, which is in relation to a Borrower for a Cash Sweep Period, the product of: (a) an amount equal to the lower of: (i) $1,000; and (ii) the difference between the daily time charter equivalent rate of the Ship owned by that Borrower, as evidenced in the management accounts, and the “Break-Even Expenses”, as described in the loan agreement, of that ship for that Cash Sweep Period; and (b) the actual number of days lapsed during that Cash Sweep Period for that Borrower. No Borrower shall incur or permit to be outstanding any Financial Indebtedness except “Permitted Financial Indebtedness”. "Permitted Financial Indebtedness" means: (a) any Financial Indebtedness incurred under the Finance Documents; (b) any Financial Indebtedness that is subordinated to all Financial Indebtedness incurred under the Finance Documents pursuant to a Subordination Agreement or otherwise and which is, in the case of any such Financial Indebtedness of the Borrower, the subject of Subordinated Debt Security; and (c) any “Permitted Trade Debt”. "Permitted Trade Debt" means any trade debt on arm's length commercial terms reasonably incurred in the ordinary course of owning, operating, trading, chartering, maintaining and repairing a Ship which remains unpaid for over 15 days of its due date and which does not exceeds $400 (or the equivalent in any other currency) per Ship at any relevant time Each of Borrower B, Borrower C and Borrower D shall create a reserve fund in the Reserve Account to meet the anticipated dry docking and special survey fees and expenses for the Ship owned by it, by maintaining in the Reserve Account a minimum credit balance (the "Accruing Dry Docking and Special Survey Reserves") which may not be withdrawn (other than for the purpose of covering the documented and incurred costs and expenses for the next special survey of that Ship), in an amount equal to, at each Quarter End Date, the product of: (i) $500; and (ii) the number of days elapsed from the relevant Utilisation Date until such Quarter End Date, and that Borrower shall ensure that the credit balance of the Reserve Account shall be increased to meet the required amount of the Accruing Dry Docking and Special Survey Reserves by no later than each Quarter End Date. Each of Borrower A and Borrower E shall deposit on the relevant Utilisation Date in the Reserve Account to meet the anticipated dry docking and special survey fees and expenses for Ship which is owned by it, a minimum credit balance in an amount equal to $450 which may not be withdrawn (other than for the purpose of covering the documented and incurred costs and expenses for the next special survey of that Ship). 6500000 0.0866 0.0497 0.004 0.1 annually 5000000 5000000 1783000 3217000 867643 13500000 7500000 30000000 29405000 30000000 5000000 20776000 13057000 1180000 98000 135000 307000 831000 524000 880000 1815000 1691250000 97311000 2094 2094 8797 8797 30000 50000 17998 17998 40000 664000 607000 742000 1884000 2721000 2222000 517000 501000 496000 820000 1000000 783000 327000 330000 247000 224000 281000 241000 1634000 716000 968000 240000 191000 143000 4670000 4766000 4645000 1006000 778000 628000 98000 103000 101000 3000 5000 3000 7000 9000 11000 2000 2000 2000 116000 118000 116000 160000 265000 309000 191000 76000 54000 3603000 2004000 1778000 28000 29000 34000 383000 23000 84000 638000 0 325000 51000 0 0 0 0 0 0 2991000 0 2991000 142000 149000 567000 596000 142000 299000 851000 1044000 1.14 1.2 15 15 0.1 0.1 -0.1 0.22 0 0 0 0.78 1 0.21 0.17 0 0 0.62 1 0.1 0 0.13 0.11 0.66 1 3476000 0 0 0 12147000 3679000 2873000 0 0 10802000 1404000 0 1849000 1459000 9140000 1971000 0 0 0 1319000 0 0 0 4735000 0 0 0 6433000 0 0 0 11506000 3882000 42814000 1000 58203000 9472000 24502000 16465000 0 50439000 4801000 1396000 13550000 40663000 49317000 0.83 0.73 -60000 -55000 80000 73000 -20 -20 -0.1 -284000 -255000 284000 255000 4674000 3776000 42247000 0 50697000 1720000 24502000 16465000 0 42687000 6977000 27500000 2902000 33686000 35767000 33686000 35767000 126000 106000 567000 1000 800000 0 0 0 0 0 0.1 0.06 0.6 0.8 622000 38487000 37163000 38487000 37163000 622000 39853000 39853000 37030000 37030000 831000 831000 831000 37346000 37346000 37346000 622000 1167767 1 1168000 30 180 1 <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:428.3pt; margin-left:36pt; border-collapse:collapse"><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:106.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-indent:21.9pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31,</font></p></td></tr><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:52.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:43.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td></tr><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Cash on hand</font></p></td><td style="width:52.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">10</font></p></td><td style="width:43.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">46</font></p></td></tr><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Cash at banks</font></p></td><td style="width:52.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,356</font></p></td><td style="width:43.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:52.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,366</font></p></td><td style="width:43.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">46</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">3&#160;&#160;&#160;&#160; Cash and cash equivalents and Restricted cash</font></h1><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">For the purpose of the consolidated statement of financial position, cash and cash equivalents comprise the following:</font></p><table cellspacing="0" cellpadding="0" style="width:428.3pt; margin-left:36pt; border-collapse:collapse"><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_dab6900a289048449fdcd1e5cfacd4a3"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></a></p></td><td colspan="2" style="width:106.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-indent:21.9pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31,</font></p></td></tr><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:52.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:43.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td></tr><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Cash on hand</font></p></td><td style="width:52.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">10</font></p></td><td style="width:43.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">46</font></p></td></tr><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Cash at banks</font></p></td><td style="width:52.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,356</font></p></td><td style="width:43.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:52.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,366</font></p></td><td style="width:43.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">46</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-0.55pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Cash held in banks earns interest at floating rates based on daily bank deposit rates.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-0.55pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-0.55pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The fair value of cash and cash equivalents as at December 31, 2019 and 2018, was $2,366 and $46, respectively. In addition, as of December 31, 2019, the Company had available $11,100 (2018: $12,800) of undrawn borrowing facilities (note 11).&#160; </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As at December 31, 2019, the Company had pledged an amount of $2,435, $1,250 in non-current assets and $1,185 in current assets ($1,350 as at December 2018 in current assets) in order to fulfil collateral requirements. The fair value of the restricted cash as at December 31, 2019, was $2,435, $1,250 in non-current assets and $1,185 in current assets and at December 31, 2018, was $1,350 in current assets.</font><font style="font-family:'Times New Roman'"> The cash and cash equivalents are held with reputable bank and financial institution counterparties.</font><font style="font-family:'Times New Roman'"> </font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:428.6pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="3" style="width:216pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160; For the year ended December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:64.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:64.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:64.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:12.75pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Director&#8217;s remuneration </font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">147</font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">145</font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">145</font></p></td></tr><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Share-based payments </font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">40</font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">40</font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">40</font></p></td></tr><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:64.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">187</font></p></td><td style="width:64.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">185</font></p></td><td style="width:64.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">185</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:427pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="3" style="width:214.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">For the year ended December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:80.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:55.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:55.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:12.75pt"><td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Short-term employee benefits </font></p></td><td style="width:80.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">224</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">235</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">229</font></p></td></tr><tr style="height:13.5pt"><td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:80.85pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">224</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">235</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">229</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Transactions with Related Parties</font></h1><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The ultimate controlling party of the Company is Mr. George Feidakis who beneficially owns 1,252,258 common shares as of December 31, 2019, through Firment Shipping Inc., a Marshall Islands corporation controlled by Mr. George Feidakis. As at December 31, 2019 and 2018, Mr. George Feidakis beneficially owned 24% and 44.3%, respectively, of Globus&#8217; shares. Mr. George Feidakis is also the chairman of the Board of Directors of Globus.</font></p><p style="margin-top:0pt; margin-left:46.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The following are the major transactions which the Company has entered into with related parties during the years ended December 31, 2019, 2018 and 2017:</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">In August 2006, Globus had entered into a rental agreement for 350 square metres of office space for its operations within a building owned by Cyberonica S.A. (an affiliate of Globus&#8217;s chairman).&#160; In 2016 the Company renewed the rental agreement at a monthly rate of Euro 10,360 (absolute amount) ($11.9) with a lease period ending January 2, 2025. The Company does not presently own any real estate.&#160; During the years ended December 31, 2019, 2018 and 2017, the rent charged amounted to $139, $147 and $140, respectively. The rental expense for the years ended December 31, 2018 and 2017 was recognised in the respective income statement component of the consolidated statement of comprehensive loss under administrative expenses payable to related parties. As of December 31, 2018, $427 of rent expense was due and unpaid and was classified as trade accounts payable in the consolidated statement of financial position.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of January 1, 2019, following the adoption of IFRS 16, the Company identified the rental agreement with Cyberonica S.A. to give </font><font style="font-family:'Times New Roman'">rise to a right of use asset and a corresponding liability estimated to approximately $674 (please refer to note 2.2). The depreciation charge for right-of-use asset for the year ended December 31, 2019, was approximately $112 and the interest expense on lease liabilities for the same period was approximately $51 and </font><font style="font-family:'Times New Roman'">recognised in the income statement component of the consolidated statement of comprehensive loss under depreciation and interest expense and finance costs, respectively.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 28, 2015, Athanasios Feidakis assumed the position of Chief Executive Officer (&#8220;CEO&#8221;) and Chief Financial Officer. On August 18, 2016, the Company entered into a consultancy agreement with an affiliated company of its CEO, Mr. Athanasios Feidakis, for the purpose of providing consulting services to the Company in connection with the Company&#8217;s international shipping and capital raising activities, including but not limited to assisting and advising the Company&#8217;s CEO at an annual fee of Euro 200,000 (absolute amount) (approx. $224). The related expense for the years ended December 31, 2019, 2018 and 2017, amounted to $224, $235 and $229, respectively.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">In December 2013, Globus entered into a credit facility for up to $4,000 with Firment Trading Limited, an affiliate of the Company&#8217;s chairman, for the purpose of financing its general working capital needs (&#8220;Firment Credit Facility&#8221;). Effective from December 2014, through a supplemental agreement in April 2015, the credit limit of the facility increased from $4,000 to $8,000 and in December 2015, through a second supplemental agreement, the credit limit of the facility increased from $8,000 to $20,000. In December 2015, through a third supplemental agreement, the Firment Credit Facility was assigned from Firment Trading Limited, a Cypriot company, to Firment Trading Limited, a Marshall Islands corporation, each of which is an affiliate of the Company&#8217;s chairman. The Company had the right to drawdown any amount up to $20,000 or prepay any amount, during the availability period, in multiples of $100. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On February 8, 2017, the Company entered into a Share and Warrant Purchase Agreement (&#8220;February 2017 private placement&#8221;) pursuant to which it sold for $5,000, an aggregate of 500,000 of its common shares, par value $0.004 per share and warrants (the &#8220;February 2017 Warrants&#8221;) to purchase 2.5 million of its common shares at a price of $16 per share to four investors in a private placement. One investor is the sister of the CEO of Globus and the daughter of its chairman. These securities were issued in transactions exempt from registration under the Securities Act. The following day, the Company entered into a registration rights agreement with those purchasers providing them with certain rights relating to registration under the Securities Act of the Shares and the common shares underlying the Warrants. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">In connection with the closing of the February 2017 private placement, the Company also entered into two loan amendment agreements with existing lenders.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">One loan amendment agreement was entered into by the Company with Firment Trading Limited, the lender of the Firment Credit Facility, which then had an outstanding principal amount of $18,524. Firment Trading Limited released an amount equal to $16,885 (but left an amount equal to $1,639 outstanding, which continued to accrue under the Firment Credit Facility as though it were principal) of the Firment Credit Facility and the Company issued to Firment Shipping Inc., an affiliate of Firment Trading Limited, 1,688,500 common shares and a warrant to purchase 623,058 common shares at a price of $16 per share. Subsequent to the closing of the February 2017 private placement, Globus repaid the outstanding amount on the Firment Credit Facility in its entirety. The Firment Credit Facility was terminated on April 12, 2017. Firment Trading Limited waived any interest under Firment Credit Facility for 2017.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">In January 2016, Globus Maritime Limited entered into a credit facility for up to $3,000 with Silaner Investments Limited, an affiliate of the Company&#8217;s chairman, for the purpose of financing its general working capital needs (the &#8220;Silaner Credit Facility&#8221;) The Silaner Credit Facility was unsecured and remained available until its final maturity date at January 12, 2018. The Company had the right to drawdown any amount up to $3,000 or prepay any amount in multiples of $100. Any prepaid amount could have been re-borrowed in accordance with the terms of the facility. Interest on drawn and outstanding amounts was charged at 5% per annum and no commitment fee was charged on the amounts remaining available and undrawn.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">For the year ended December 31, 2017, Globus recognised interest expense of $3. The expense was classified in the income statement component of the consolidated statement of comprehensive loss under interest expense and finance costs and the interest payable was classified in the statement of financial position under accrued liabilities and other payables. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The second loan amendment agreement in connection with the closing of the February 2017 private placement was entered into by the Company with Silaner Investments Limited, the lender of the Silaner Credit Facility. Silaner Investments Limited released an amount equal to the outstanding principal of $3,115 (but left an amount equal to $74 outstanding, which continued to accrue under the Silaner Credit Facility as though it were principal) of the Silaner Credit Facility and the Company issued to Firment Shipping Inc., an affiliate of Silaner Investments Limited, 311,500 common shares and a warrant to purchase 114,944 common shares at a price of $16 per share. During 2017, the Company drew down $ 280 under this facility. As of December 31, 2017, Globus repaid the outstanding amount on the Silaner Credit Facility in its entirety. The Silaner Credit Facility was terminated on January 12, 2018. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">In June 2016, Globus entered into a consultancy agreement with Eolos Shipmanagement S.A., an affiliate of the Company&#8217;s chairman, for the purpose of providing consultancy services to Eolos Shipmanagement S.A. For these services the Company received a daily fee of $1. This agreement was terminated on January 31, 2017. For the year ended 2017, the total income from these fees amounted to $31 and is classified in the income statement component of the consolidated statement of comprehensive loss under management and consulting fee income.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">In November 2018, Globus entered into a credit facility for up to $15,000 with Firment Shipping Inc., an affiliate of the Company&#8217;s chairman, for the purpose of financing its general working capital needs (&#8220;Firment Shipping Credit Facility&#8221;). The Firment Shipping Credit Facility is unsecured and remains available until its final maturity date at April 1, 2021, as amended (Note 22). The Company has the right to draw-down any amount up to $15,000 or prepay any amount in multiples of $100. Any prepaid amount can be re-borrowed in accordance with the terms of the facility. Interest on drawn and outstanding amounts is charged at 7% per annum and no commitment fee is charged on the amounts remaining available and undrawn. Interest is payable the last day of a period of three months after the Draw-down Date, after this period in case of failure to pay any sum due, a default interest of 2% per annum above the regular interest is charged. Globus also has the right, in its sole option, to convert in whole or in part the outstanding unpaid principal amount and accrued but unpaid interest under the Firment Shipping Credit Facility into common stock. The conversion price shall equal the higher of (i) the average of the daily dollar volume-weighted average sale price for the common stock on the principal market on any trading day during the period beginning at 9.30 a.m. New York City time and ending at 4.00 p.m. (&#8220;VWAP&#8221;) over the pricing period multiplied by 80%, where the &#8220;Pricing Period&#8221; equals the ten consecutive trading days immediately preceding the date on which the conversion notice was executed or, (ii) Two US Dollars and Eighty Cents ($2.80).</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On April 23, 2019, the Company converted to share capital, as per the conversion clause included in the Firment Shipping Credit Facility the outstanding principal amount of $3,100 plus the accrued interest of $70 at a conversion price of $2.80 per share and issued 1,132,191 new common shares to Firment Shipping Inc. This conversion resulted to a gain of approximately $117, which was classified under &#8220;gain on derivative financial instruments&#8221; in the income statement component of the consolidated statement of comprehensive loss.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019 and 2018, the amount drawn and outstanding with respect to the Firment Shipping Credit Facility was $800 and $2,200, respectively and was classified under long-term borrowings, net of the current portion and the fair value of the derivative financial instruments in the consolidated statement of financial position (see Note 11). For the year ended December 31, 2019 and 2018, Globus recognised interest expense of $96 and $12, respectively classified in the income statement component of the consolidated statement of comprehensive loss under interest expense and finance costs and interest payable is classified in the consolidated statement of financial position under accrued liabilities and other payables. As of December 31, 2019 and 2018, there was an amount of $11,100 and $12,800, respectively, available to be drawn under the Firment Shipping Credit Facility.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Firment Shipping Credit Facility requires that Athanasios Feidakis remain the Company&#8217;s Chief Executive Officer and that Firment Shipping maintains at least a 40% shareholding in Globus, other than due to actions taken by Firment Shipping, such as sales of shares.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019 and 2018, the Company was in compliance with the loan covenants of the Firment Shipping Credit Facility.</font></p><h6 style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">Compensation of Key Management Personnel of the Company: </font></h6><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Compensation to Globus non-executive directors is analysed as follows:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:428.6pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_d5e5a9c5bc9c42faab08b8aa53974f77"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></a></p></td><td colspan="3" style="width:216pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160; For the year ended December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:64.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:64.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:64.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:12.75pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Director&#8217;s remuneration </font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">147</font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">145</font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">145</font></p></td></tr><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Share-based payments </font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">40</font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">40</font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">40</font></p></td></tr><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:64.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">187</font></p></td><td style="width:64.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">185</font></p></td><td style="width:64.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">185</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019 and 2018, $318 and $201 of the compensation to non-executive directors was remaining due and unpaid, respectively. Amounts payable to non-executive directors are classified as trade accounts payable in the consolidated statements of financial position.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Compensation to the Company&#8217;s executive director is analysed as follows:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:427pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_a166f7eab9c1495c98cab1ab0a4c61a4"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></a></p></td><td colspan="3" style="width:214.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">For the year ended December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:80.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:55.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:55.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:12.75pt"><td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Short-term employee benefits </font></p></td><td style="width:80.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">224</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">235</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">229</font></p></td></tr><tr style="height:13.5pt"><td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:80.85pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">224</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">235</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">229</font></p></td></tr></table></div><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019 and 2018, $556 and $391 of the compensation to the executive director was remaining due and unpaid, respectively.</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:442.35pt; border-collapse:collapse"><tr style="height:34.9pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:34.15pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Vessels cost</font></p></td><td style="width:49pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Vessels accumulated depreciation</font></p></td><td style="width:42.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Dry docking costs</font></p></td><td style="width:55.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Accumulated depreciation of dry-docking costs</font></p></td><td style="width:56.25pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net Book Value</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at January 1, 2017</font></p></td><td style="width:34.15pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">179,156</font></p></td><td style="width:49pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(87,871)</font></p></td><td style="width:42.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,854</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(3,347)</font></p></td><td style="width:56.25pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">91,792</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Additions/ (Dry Docking Component)</font></p></td><td style="width:34.15pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">245</font></p></td><td style="width:49pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.5pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">976</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.25pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,221</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation expense</font></p></td><td style="width:34.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:49pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(4,831)</font></p></td><td style="width:42.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:55.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(862)</font></p></td><td style="width:56.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(5,693)</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2017</font></p></td><td style="width:34.15pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">179,401</font></p></td><td style="width:49pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(92,702)</font></p></td><td style="width:42.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">4,830</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(4,209)</font></p></td><td style="width:56.25pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">87,320</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Additions/ (Dry Docking Component)</font></p></td><td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">26</font></p></td><td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,148</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,174</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation expense</font></p></td><td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(4,578)</font></p></td><td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(1,166)</font></p></td><td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(5,744)</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2018</font></p></td><td style="width:34.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">179,427</font></p></td><td style="width:49pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(97,280)</font></p></td><td style="width:42.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">6,978</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(5,375)</font></p></td><td style="width:56.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">83,750</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Additions/ (Dry Docking Component)</font></p></td><td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">54</font></p></td><td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">622</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">676</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Impairment loss</font></p></td><td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(29,902)</font></p></td><td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(29,902)</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation expense</font></p></td><td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(4,578)</font></p></td><td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(1,704)</font></p></td><td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(6,282)</font></p></td></tr><tr style="height:12.8pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2019</font></p></td><td style="width:34.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">149,579</font></p></td><td style="width:49pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(101,858)</font></p></td><td style="width:42.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">7,600</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(7,079)</font></p></td><td style="width:56.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">48,242</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:438.25pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:14.45pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:232.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">For the year ended December 31,</font></p></td></tr><tr style="height:14.45pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:77.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:74.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:59.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:13.65pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Vessels depreciation</font></p></td><td style="width:77.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,578</font></p></td><td style="width:74.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,578</font></p></td><td style="width:59.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,831</font></p></td></tr><tr style="height:14.45pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation on office furniture and equipment</font></p></td><td style="width:77.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">31</font></p></td><td style="width:74.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">23</font></p></td><td style="width:59.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">23</font></p></td></tr><tr style="height:14.45pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation of right of use asset</font></p></td><td style="width:77.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">112</font></p></td><td style="width:74.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:59.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr><tr style="height:14.45pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:77.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">4,721</font></p></td><td style="width:74.4pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">4,601</font></p></td><td style="width:59.4pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">4,854</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:267.5pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; text-decoration:underline">Vessel</font></p></td><td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v River Globe</font></p></td><td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(6,920)</font></p></td><td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Sky Globe</font></p></td><td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(8,074)</font></p></td><td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Star Globe</font></p></td><td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(7,197)</font></p></td><td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Sun Globe</font></p></td><td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(4,797)</font></p></td><td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Moon Globe</font></p></td><td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(2,914)</font></p></td><td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Impairment loss</font></p></td><td style="width:41.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(29,902)</font></p></td><td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:362.65pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:30.75pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> December 31,</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:15pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Vessels</font></p></td><td style="width:76.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:134.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Recoverable amount</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:15.75pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v River Globe</font></p></td><td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">7,752</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">At fair value less costs of disposal</font></p></td></tr><tr style="height:15.75pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Sky Globe</font></p></td><td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">8,971</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">At fair value less costs of disposal</font></p></td></tr><tr style="height:15.75pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Star Globe</font></p></td><td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">9,458</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">At fair value less costs of disposal</font></p></td></tr><tr style="height:15.75pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Sun Globe</font></p></td><td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">11,165</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">At fair value less costs of disposal</font></p></td></tr><tr style="height:16.5pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Moon Globe</font></p></td><td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">10,896</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">At value in use</font></p></td></tr><tr style="height:15pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total:</font></p></td><td style="width:76.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">48,242</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">5&#160;&#160;&#160; Vessels, net </font></h1><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'">The amounts in the consolidated statement of financial position are analysed as follows:</font></p><table cellspacing="0" cellpadding="0" style="width:442.35pt; border-collapse:collapse; text-align:left"><tr style="height:34.9pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_a5f8fa0098a1487889a59fea621df62c"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></a></p></td><td style="width:34.15pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Vessels cost</font></p></td><td style="width:49pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Vessels accumulated depreciation</font></p></td><td style="width:42.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Dry docking costs</font></p></td><td style="width:55.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Accumulated depreciation of dry-docking costs</font></p></td><td style="width:56.25pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net Book Value</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at January 1, 2017</font></p></td><td style="width:34.15pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">179,156</font></p></td><td style="width:49pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(87,871)</font></p></td><td style="width:42.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,854</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(3,347)</font></p></td><td style="width:56.25pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">91,792</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Additions/ (Dry Docking Component)</font></p></td><td style="width:34.15pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">245</font></p></td><td style="width:49pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.5pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">976</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.25pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,221</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation expense</font></p></td><td style="width:34.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:49pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(4,831)</font></p></td><td style="width:42.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:55.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(862)</font></p></td><td style="width:56.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(5,693)</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2017</font></p></td><td style="width:34.15pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">179,401</font></p></td><td style="width:49pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(92,702)</font></p></td><td style="width:42.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">4,830</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(4,209)</font></p></td><td style="width:56.25pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">87,320</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Additions/ (Dry Docking Component)</font></p></td><td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">26</font></p></td><td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,148</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,174</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation expense</font></p></td><td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(4,578)</font></p></td><td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(1,166)</font></p></td><td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(5,744)</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2018</font></p></td><td style="width:34.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">179,427</font></p></td><td style="width:49pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(97,280)</font></p></td><td style="width:42.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">6,978</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(5,375)</font></p></td><td style="width:56.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">83,750</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Additions/ (Dry Docking Component)</font></p></td><td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">54</font></p></td><td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">622</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">676</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Impairment loss</font></p></td><td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(29,902)</font></p></td><td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(29,902)</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation expense</font></p></td><td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(4,578)</font></p></td><td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(1,704)</font></p></td><td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(6,282)</font></p></td></tr><tr style="height:12.8pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2019</font></p></td><td style="width:34.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">149,579</font></p></td><td style="width:49pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(101,858)</font></p></td><td style="width:42.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">7,600</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(7,079)</font></p></td><td style="width:56.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">48,242</font></p></td></tr></table><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">&#160; </font></h1><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">For the purpose of the consolidated statement of comprehensive loss, depreciation, as stated in the income statement component, comprises the following:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:438.25pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:14.45pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_909b836552a742b7b0db60eced832857"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td colspan="3" style="width:232.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">For the year ended December 31,</font></p></td></tr><tr style="height:14.45pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:77.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:74.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:59.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:13.65pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Vessels depreciation</font></p></td><td style="width:77.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,578</font></p></td><td style="width:74.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,578</font></p></td><td style="width:59.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,831</font></p></td></tr><tr style="height:14.45pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation on office furniture and equipment</font></p></td><td style="width:77.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">31</font></p></td><td style="width:74.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">23</font></p></td><td style="width:59.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">23</font></p></td></tr><tr style="height:14.45pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation of right of use asset</font></p></td><td style="width:77.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">112</font></p></td><td style="width:74.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:59.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr><tr style="height:14.45pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:77.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">4,721</font></p></td><td style="width:74.4pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">4,601</font></p></td><td style="width:59.4pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">4,854</font></p></td></tr></table></div><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company&#8217;s vessels have been pledged as collateral to secure the bank loans discussed in note 11.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Impairment of non-financial assets:</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'">As of December 31, 2019, the Company performed an assessment on whether there were indicators that a vessel(s) may be impaired. As impairment indicators were identified, discounted future cash flows for each vessel were determined and compared to the vessel&#8217;s carrying value. For the discount factor, the Company applied the Weighted Average Cost of Capital rate that was calculated to be 9.42% as at December 31, 2019. The projected net discounted future cash flows for the first year were determined by considering an estimated daily time charter equivalent based on the most recent blended (for modern and older vessels) FFA (i.e. Forward Freight Agreements) time charter rate for the year of 2020 for each type of vessel. For the remaining useful life of the vessels, the Company used the historical ten-year blended average one-year time charter rates substituting for the year 2016 that was considered as extreme values, with the year 2009. Expected outflows for scheduled vessels maintenance were taken into consideration as well as vessel operating expenses assuming an average annual increase rate of 1% based on the historical trend derived from actual results for the Company&#8217;s vessels since their delivery under Company&#8217;s technical management. The average time charter rates used were in line with the overall chartering strategy, especially in periods/years of depressed charter rates; reflecting the full operating history of vessels of the same type and particulars with the Company&#8217;s operating fleet (Supramax and Panamax vessels with a deadweight (&#8220;dwt&#8221;) of over 50,000 and 70,000, respectively) and they covered at least one full business cycle. Effective fleet utilization was assumed at 87% and 90% (including ballast days) for the Supramaxes and the Panamaxes, respectively taking into account the period(s) each vessel is expected to undergo her scheduled maintenance (dry-docking and special surveys), as well as an estimate of the period(s) needed for finding suitable employment and off-hire for reasons other than scheduled maintenance, assumptions in line with the Company&#8217;s expectations for future fleet utilization under the current fleet deployment strategy. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019, the Company concluded that the recoverable amounts of the vessels were lower than their carrying amounts and recognized an impairment loss of $29,902. As of December 31, 2018 and 2017, no impairment loss was recognized </font><font style="font-family:'Times New Roman'">as the vessels&#8217; recoverable amounts exceeded their carrying amounts</font><font style="font-family:'Times New Roman'">.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The impairment loss for the year ended December 31, 2019, analysed by vessel is as follows:</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:267.5pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_e296befba4fa43719a07cf20ea9cdc58"><font style="font-family:'Times New Roman'; font-weight:bold; text-decoration:underline">Vessel</font></a></p></td><td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v River Globe</font></p></td><td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(6,920)</font></p></td><td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Sky Globe</font></p></td><td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(8,074)</font></p></td><td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Star Globe</font></p></td><td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(7,197)</font></p></td><td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Sun Globe</font></p></td><td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(4,797)</font></p></td><td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Moon Globe</font></p></td><td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(2,914)</font></p></td><td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Impairment loss</font></p></td><td style="width:41.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(29,902)</font></p></td><td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019 the recoverable amount for each vessel was as follows:</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:362.65pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:30.75pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><a name="DM_MAP_eba653c9f60e420d9c96004921553360"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> December 31,</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:15pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Vessels</font></p></td><td style="width:76.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:134.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Recoverable amount</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:15.75pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v River Globe</font></p></td><td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">7,752</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">At fair value less costs of disposal</font></p></td></tr><tr style="height:15.75pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Sky Globe</font></p></td><td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">8,971</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">At fair value less costs of disposal</font></p></td></tr><tr style="height:15.75pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Star Globe</font></p></td><td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">9,458</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">At fair value less costs of disposal</font></p></td></tr><tr style="height:15.75pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Sun Globe</font></p></td><td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">11,165</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">At fair value less costs of disposal</font></p></td></tr><tr style="height:16.5pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Moon Globe</font></p></td><td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">10,896</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">At value in use</font></p></td></tr><tr style="height:15pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total:</font></p></td><td style="width:76.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">48,242</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:428.8pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:130.6pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:57.45pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:62.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td></tr><tr style="height:12.75pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Lubricants </font></p></td><td style="width:57.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">295</font></p></td><td style="width:62.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">313</font></p></td></tr><tr style="height:12.75pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Gas cylinders </font></p></td><td style="width:57.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">79</font></p></td><td style="width:62.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">78</font></p></td></tr><tr style="height:13.5pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Bunkers</font></p></td><td style="width:57.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,171</font></p></td><td style="width:62.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">259</font></p></td></tr><tr style="height:13.5pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:57.45pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,545</font></p></td><td style="width:62.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">650</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">6&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Inventories</font></h1><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Inventories in the consolidated statement of financial position are analysed as follows:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:428.8pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_427c4f3553444a19aed802edbd93b9f3"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td colspan="2" style="width:130.6pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:57.45pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:62.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td></tr><tr style="height:12.75pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Lubricants </font></p></td><td style="width:57.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">295</font></p></td><td style="width:62.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">313</font></p></td></tr><tr style="height:12.75pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Gas cylinders </font></p></td><td style="width:57.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">79</font></p></td><td style="width:62.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">78</font></p></td></tr><tr style="height:13.5pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Bunkers</font></p></td><td style="width:57.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,171</font></p></td><td style="width:62.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">259</font></p></td></tr><tr style="height:13.5pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:57.45pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,545</font></p></td><td style="width:62.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">650</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:506.85pt; border-collapse:collapse"><tr><td style="width:154.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Company</font></p></td><td style="width:85.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Country of Incorporation</font></p></td><td style="width:78.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Vessel Delivery</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Date</font></p></td><td colspan="2" style="width:145.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Vessel Owned</font></p></td></tr><tr style="height:3.25pt"><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:78.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:145.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Globus Shipmanagement Corp.</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:78.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td colspan="2" style="width:145.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Management Co.</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">Devocean Maritime Ltd.</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">December 18, 2007</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">m/v River Globe</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">Domina Maritime Ltd.</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">May 19, 2010</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Sky Globe</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">Dulac Maritime S.A.</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">May 25, 2010</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Star Globe</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">Artful Shipholding S.A. </font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands </font></p></td><td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">June 22, 2011</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Moon Globe</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">Longevity Maritime Limited</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; 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margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:165pt"></td><td style="width:96.2pt"></td><td style="width:89.7pt"></td><td style="width:7.1pt"></td><td style="width:148.85pt"></td></tr></table><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="_DV_M40"></a><a name="_DV_M42"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><h1 style="margin-top:0pt; margin-left:46.35pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160; 1. Basis of presentation and general information</font></h1><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="_DV_M2"></a><a name="_DV_M5"></a><a name="_DV_M6"></a><a name="_DV_M14"></a><a name="_DV_M16"></a><a name="_DV_M30"></a><a name="_DV_M31"></a><a name="_DV_M32"></a><a name="_DV_M33"></a><a name="_DV_M34"></a><a name="_DV_M35"></a><font style="font-family:'Times New Roman'">The accompanying consolidated financial statements include the financial statements of </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Globus Maritime Limited</font><font style="font-family:'Times New Roman'"> (&#8220;Globus&#8221;) and its wholly owned subsidiaries (collectively the &#8220;Company&#8221;). Globus was formed on July 26, 2006, under the laws of Jersey. On June 1, 2007, Globus concluded its initial public offering in the United Kingdom and its shares were admitted for trading on the Alternative Investment Market (&#8220;AIM&#8221;). On November 24, 2010, Globus was redomiciled to the Marshall Islands and its shares were admitted for trading in the United States (NASDAQ Global Market) under the Securities Act of 1933, as amended. On November 26, 2010, Globus&#8217; shares were effectively delisted from AIM. </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The address of the registered office of Globus is: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.&#160; </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The principal business of the Company is the ownership and operation of a fleet of dry bulk motor vessels (&#8220;m/v&#8221;), providing maritime services for the transportation of dry cargo products on a worldwide basis. The Company conducts its operations through its vessel owning subsidiaries.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The operations of the vessels are managed by Globus Shipmanagement Corp. (the &#8220;Manager&#8221;), a wholly owned Marshall Islands corporation. The Manager has an office in Greece, located at 128 Vouliagmenis Avenue, 166 74 Glyfada, Greece and provides the commercial, technical, cash management and accounting services necessary for the operation of the fleet in exchange for a management fee. The management fee is eliminated on consolidation. The consolidated financial statements include the financial statements of Globus and its subsidiaries listed below, all wholly owned by Globus as of December 31, 2019:</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:506.85pt; border-collapse:collapse"><tr><td style="width:154.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><a name="DM_MAP_5f5fea74946b42939093e61b681f35f2"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Company</font></p></td><td style="width:85.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; 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padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Globus Shipmanagement Corp.</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:78.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td colspan="2" style="width:145.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Management Co.</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">Devocean Maritime Ltd.</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">December 18, 2007</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">m/v River Globe</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">Domina Maritime Ltd.</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">May 19, 2010</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Sky Globe</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">Dulac Maritime S.A.</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">May 25, 2010</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Star Globe</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">Artful Shipholding S.A. </font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands </font></p></td><td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">June 22, 2011</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Moon Globe</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">Longevity Maritime Limited</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Malta</font></p></td><td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">September 15, 2011</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Sun Globe</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:165pt"></td><td style="width:96.2pt"></td><td style="width:89.7pt"></td><td style="width:7.1pt"></td><td style="width:148.85pt"></td></tr></table><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="_DV_M40"></a><a name="_DV_M42"></a><font style="font-family:'Times New Roman'">On October 15, 2018, the Company effected a ten-for-one reverse stock split which reduced number of outstanding common shares from 32,065,077 to 3,206,495 shares (adjustments were made based on fractional shares). 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Trade accounts payable are non-interest bearing.</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:441.55pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:130.65pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:61.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:57.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td></tr><tr style="height:12.75pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accrued interest</font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">307</font></p></td><td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">114</font></p></td></tr><tr style="height:12.75pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accrued audit fees</font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">56</font></p></td><td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">57</font></p></td></tr><tr style="height:12.75pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other accruals</font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,435</font></p></td><td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">999</font></p></td></tr><tr style="height:12.75pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Insurance deductibles </font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">132</font></p></td><td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">102</font></p></td></tr><tr style="height:13.5pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other payables</font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">41</font></p></td><td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">47</font></p></td></tr><tr style="height:13.5pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:61.9pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,971</font></p></td><td style="width:57.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,319</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">8&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Accrued liabilities and other payables&#160; </font></p><p style="margin-top:0pt; margin-left:48pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accrued liabilities and other payables in the consolidated statement of financial position are analysed as follows:</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:441.55pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_ef639462341540b1b398f73d06d6ae5c"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></a></p></td><td colspan="2" style="width:130.65pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:61.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:57.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td></tr><tr style="height:12.75pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accrued interest</font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">307</font></p></td><td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">114</font></p></td></tr><tr style="height:12.75pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accrued audit fees</font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">56</font></p></td><td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">57</font></p></td></tr><tr style="height:12.75pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other accruals</font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,435</font></p></td><td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">999</font></p></td></tr><tr style="height:12.75pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Insurance deductibles </font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">132</font></p></td><td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">102</font></p></td></tr><tr style="height:13.5pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other payables</font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">41</font></p></td><td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">47</font></p></td></tr><tr style="height:13.5pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:61.9pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,971</font></p></td><td style="width:57.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,319</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:45.14pt; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Interest is normally settled quarterly throughout the year.</font></li><li style="margin-left:45.14pt; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Other payables are non-interest bearing.</font></li></ul></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:471.6pt; margin-left:28.35pt; border-collapse:collapse"><tr style="height:12.75pt"><td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="3" style="width:215pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160; For the year ended December 31,</font></p></td></tr><tr style="height:12.75pt"><td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:51.3pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:71.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:71.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:12.75pt"><td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Loss attributable to common equity holders</font></p></td><td style="width:51.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(36,351)</font></p></td><td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(3,568)</font></p></td><td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(6,475)</font></p></td></tr><tr style="height:13.5pt"><td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Weighted average number of shares for basic and diluted LPS</font></p></td><td style="width:51.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,165,919</font></p></td><td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3,200,927</font></p></td><td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,574,995</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">10&#160;&#160;&#160;&#160;&#160;&#160;&#160; Loss per Share</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Basic loss per share (&#8216;&#8216;LPS&#8217;&#8217;) is calculated by dividing the net loss for the year attributable to Globus shareholders by the weighted average number of shares issued, paid and outstanding.&#160; </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Diluted loss per share is calculated by dividing the net loss attributable to common equity holders of the parent by the weighted average shares outstanding during the year plus the weighted average number of common shares that would be issued on the conversion of all the dilutive potential common shares into common shares. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) are included in the denominator of the diluted earnings/(losses) per share computation unless such inclusion would be anti-dilutive. As the Company reported losses for the years ended December 31, 2019, 2018 and 2017, the effect of any incremental shares would be antidilutive and thus excluded from the computation of the LPS.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The following reflects the loss and share data used in the basic and diluted loss per share computations:</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:471.6pt; margin-left:28.35pt; border-collapse:collapse"><tr style="height:12.75pt"><td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_968271ca51a544dd8b4790039bf8d0d6"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></a></p></td><td colspan="3" style="width:215pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160; For the year ended December 31,</font></p></td></tr><tr style="height:12.75pt"><td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:51.3pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:71.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:71.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:12.75pt"><td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Loss attributable to common equity holders</font></p></td><td style="width:51.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(36,351)</font></p></td><td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(3,568)</font></p></td><td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(6,475)</font></p></td></tr><tr style="height:13.5pt"><td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Weighted average number of shares for basic and diluted LPS</font></p></td><td style="width:51.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,165,919</font></p></td><td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3,200,927</font></p></td><td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,574,995</font></p></td></tr></table><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></h1></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:442.7pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:24.05pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year 2019</font></p></td><td style="width:65.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of common shares</font></p></td><td style="width:70.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of preferred shares </font></p></td><td style="width:45.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Share premium</font></p></td><td style="width:40.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Retained earnings</font></p></td></tr><tr style="height:11.4pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:65.6pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:70.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:45.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Non-executive directors&#8217; payment (1) </font></p></td><td style="width:65.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">17,998</font></p></td><td style="width:70.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:45.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">40</font></p></td><td style="width:40.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:12.7pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2019</font></p></td><td style="width:65.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">17,998</font></p></td><td style="width:70.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:45.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">40</font></p></td><td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ol type="1" style="margin:0pt; padding-left:0pt"><li style="margin-left:50.75pt; text-align:justify; padding-left:3.25pt; font-family:'Times New Roman'; font-size:9pt"><font>These amounts relate to the shares issued in 2019, not to the shares approved for issuance for the year.</font></li></ol><p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:442.7pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:24.05pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year 2018</font></p></td><td style="width:65.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of common shares</font></p></td><td style="width:70.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of preferred shares </font></p></td><td style="width:45.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Share premium</font></p></td><td style="width:40.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Retained earnings</font></p></td></tr><tr style="height:11.4pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:65.6pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:70.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:45.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Non-executive directors&#8217; payment (1)</font></p></td><td style="width:65.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">8,797</font></p></td><td style="width:70.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:45.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">50</font></p></td><td style="width:40.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:12.7pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2018</font></p></td><td style="width:65.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">8,797</font></p></td><td style="width:70.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:45.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">50</font></p></td><td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">(1) These amounts relate to the shares issued in 2018, not to the shares approved for issuance for the year.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:427.85pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:21.85pt"><td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year 2017</font></p></td><td style="width:63.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of common shares</font></p></td><td style="width:68pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of preferred shares </font></p></td><td style="width:43.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Share premium</font></p></td><td style="width:38.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Retained earnings</font></p></td></tr><tr style="height:10.9pt"><td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:63.05pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:68pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:43.35pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:38.45pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:10.9pt"><td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Non-executive directors payment </font><font style="font-family:'Times New Roman'; font-weight:bold">(1)</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:63.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,094</font></p></td><td style="width:68pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:43.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">30</font></p></td><td style="width:38.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:10.9pt"><td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2017</font></p></td><td style="width:63.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,094</font></p></td><td style="width:68pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:43.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">30</font></p></td><td style="width:38.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">(1) These amounts relate to the shares issued in 2017, not to the shares approved for issuance for the year.</font></p></div> <div class="Section1"><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">12&#160;&#160;&#160;&#160; Share Based Payment&#160;&#160;&#160; </font></h1><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Share-based payments are quarterly restrictive share issued to the Company&#8217;s Non-executive directors for their services and in accordance with appointment letters.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Share based payment comprise the following:</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"><a name="DM_MAP_7b029f60fc8943959922286788ad5584"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:442.7pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:24.05pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year 2019</font></p></td><td style="width:65.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of common shares</font></p></td><td style="width:70.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of preferred shares </font></p></td><td style="width:45.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Share premium</font></p></td><td style="width:40.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Retained earnings</font></p></td></tr><tr style="height:11.4pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:65.6pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:70.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:45.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Non-executive directors&#8217; payment (1) </font></p></td><td style="width:65.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">17,998</font></p></td><td style="width:70.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:45.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">40</font></p></td><td style="width:40.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:12.7pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2019</font></p></td><td style="width:65.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">17,998</font></p></td><td style="width:70.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:45.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">40</font></p></td><td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ol type="1" style="margin:0pt; padding-left:0pt"><li style="margin-left:50.75pt; text-align:justify; padding-left:3.25pt; font-family:'Times New Roman'; font-size:9pt"><font>These amounts relate to the shares issued in 2019, not to the shares approved for issuance for the year.</font></li></ol><p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:442.7pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:24.05pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year 2018</font></p></td><td style="width:65.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of common shares</font></p></td><td style="width:70.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of preferred shares </font></p></td><td style="width:45.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Share premium</font></p></td><td style="width:40.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Retained earnings</font></p></td></tr><tr style="height:11.4pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:65.6pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:70.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:45.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Non-executive directors&#8217; payment (1)</font></p></td><td style="width:65.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">8,797</font></p></td><td style="width:70.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:45.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">50</font></p></td><td style="width:40.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:12.7pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2018</font></p></td><td style="width:65.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">8,797</font></p></td><td style="width:70.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:45.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">50</font></p></td><td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">(1) These amounts relate to the shares issued in 2018, not to the shares approved for issuance for the year.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:427.85pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:21.85pt"><td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year 2017</font></p></td><td style="width:63.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of common shares</font></p></td><td style="width:68pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of preferred shares </font></p></td><td style="width:43.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Share premium</font></p></td><td style="width:38.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Retained earnings</font></p></td></tr><tr style="height:10.9pt"><td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:63.05pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:68pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:43.35pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:38.45pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:10.9pt"><td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Non-executive directors payment </font><font style="font-family:'Times New Roman'; font-weight:bold">(1)</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:63.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,094</font></p></td><td style="width:68pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:43.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">30</font></p></td><td style="width:38.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:10.9pt"><td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2017</font></p></td><td style="width:63.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,094</font></p></td><td style="width:68pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:43.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">30</font></p></td><td style="width:38.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">(1) These amounts relate to the shares issued in 2017, not to the shares approved for issuance for the year.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:446.75pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="4" style="width:207.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the year ended December 31,</font></p></td></tr><tr style="height:13.8pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Personnel expenses</font></p></td><td style="width:62.15pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,006</font></p></td><td style="width:61.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">778</font></p></td><td style="width:57.5pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">628</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Audit fees</font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">98</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">103</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">101</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Travelling expenses</font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">5</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Consulting fees</font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">191</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">76</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">54</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Communication</font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">7</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">9</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">11</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Stationery</font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Greek tax authorities (note 19) </font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">116</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">118</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">116</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.8pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Other </font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">160</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">265</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">309</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.8pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:62.15pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,583</font></p></td><td style="width:61.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,356</font></p></td><td style="width:57.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,224</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:228.85pt"></td><td style="width:72.95pt"></td><td style="width:72.6pt"></td><td style="width:68.3pt"></td><td style="width:4.05pt"></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">14&#160;&#160;&#160;&#160;&#160;&#160; Administrative Expenses</font></p><p style="margin-top:0pt; margin-left:27pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The amount shown in the consolidated statements of comprehensive loss is analysed as follows:</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:446.75pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_7c2e1aac96784c939a3637f4f73de78f"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></a></p></td><td colspan="4" style="width:207.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the year ended December 31,</font></p></td></tr><tr style="height:13.8pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Personnel expenses</font></p></td><td style="width:62.15pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,006</font></p></td><td style="width:61.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">778</font></p></td><td style="width:57.5pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">628</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Audit fees</font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">98</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">103</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">101</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Travelling expenses</font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">5</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Consulting fees</font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">191</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">76</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">54</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Communication</font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">7</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">9</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">11</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Stationery</font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Greek tax authorities (note 19) </font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">116</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">118</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">116</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.8pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Other </font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">160</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">265</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">309</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.8pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:62.15pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,583</font></p></td><td style="width:61.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,356</font></p></td><td style="width:57.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,224</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:228.85pt"></td><td style="width:72.95pt"></td><td style="width:72.6pt"></td><td style="width:68.3pt"></td><td style="width:4.05pt"></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:445.65pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.75pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="3" style="width:188.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the year ended December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:48.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:60.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:57.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:12.75pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Interest payable on long-term borrowings</font></p></td><td style="width:48.6pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3,603</font></p></td><td style="width:60.65pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,004</font></p></td><td style="width:57.2pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,778</font></p></td></tr><tr style="height:12.75pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Bank charges </font></p></td><td style="width:48.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">28</font></p></td><td style="width:60.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">29</font></p></td><td style="width:57.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">34</font></p></td></tr><tr style="height:12.75pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Amortization of debt discount</font></p></td><td style="width:48.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">383</font></p></td><td style="width:60.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">23</font></p></td><td style="width:57.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">84</font></p></td></tr><tr style="height:13.5pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Operating lease liability interest</font></p></td><td style="width:48.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">51</font></p></td><td style="width:60.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:57.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:13.5pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other finance expenses</font></p></td><td style="width:48.6pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">638</font></p></td><td style="width:60.65pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:57.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">325</font></p></td></tr><tr style="height:13.5pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:48.6pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">4,703</font></p></td><td style="width:60.65pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,056</font></p></td><td style="width:57.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,221</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">15&#160;&#160;&#160;&#160;&#160;&#160;&#160; Interest Expense and Finance Costs</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:27pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The amounts in the consolidated statements of comprehensive loss are analysed as follows:</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:445.65pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.75pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_4816167da80d4d378d58f89fc682045b"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></a></p></td><td colspan="3" style="width:188.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the year ended December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:48.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:60.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:57.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:12.75pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Interest payable on long-term borrowings</font></p></td><td style="width:48.6pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3,603</font></p></td><td style="width:60.65pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,004</font></p></td><td style="width:57.2pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,778</font></p></td></tr><tr style="height:12.75pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Bank charges </font></p></td><td style="width:48.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">28</font></p></td><td style="width:60.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">29</font></p></td><td style="width:57.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">34</font></p></td></tr><tr style="height:12.75pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Amortization of debt discount</font></p></td><td style="width:48.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">383</font></p></td><td style="width:60.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">23</font></p></td><td style="width:57.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">84</font></p></td></tr><tr style="height:13.5pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Operating lease liability interest</font></p></td><td style="width:48.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">51</font></p></td><td style="width:60.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:57.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:13.5pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other finance expenses</font></p></td><td style="width:48.6pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">638</font></p></td><td style="width:60.65pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:57.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">325</font></p></td></tr><tr style="height:13.5pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:48.6pt; border-bottom-style:double; 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font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">16&#160;&#160;&#160;&#160;&#160;&#160;&#160; Dividends </font></p><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:normal">&#xa0;</font></h1><h1 style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:normal">No dividends were declared or paid on common shares during the years ended December 31, 2019, 2018 and 2017.</font></h1></div> <div class="Section1"><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">17&#160;&#160;&#160; Contingencies </font></h1><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Various claims, suits and complaints, including those involving government regulations, arise in the ordinary course of the shipping business.&#160; In addition, losses may arise from disputes with charterers, environmental claims, agents, and insurers and from claims with suppliers relating to the operations of the Company&#8217;s vessels. Currently, management is not aware of any such claims or contingent liabilities, which are material for disclosure. </font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">19&#160;&#160;&#160;&#160;&#160;&#160;&#160; Income Tax</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-14.15pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160; Under the laws of the countries of the vessel owning companies&#8217; incorporation and / or vessels&#8217; registration, vessel owning companies are not subject to tax on international shipping income; however, they are subject to registration and tonnage taxes, which are included in vessel operating expenses in the accompanying consolidated statements of loss.</font><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-14.15pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Greek Authorities Tax</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In January 2013, the tax Law 4110/2013 amended the long-standing provisions of art. 26 of Law 27/1975 by imposing a fixed annual tonnage tax on vessels flying a foreign (i.e., non-Greek) flag which are managed by a Law 89/67 company, establishing an identical tonnage tax regime as the one already in force for vessels flying the Greek flag. This tax varies depending on the size of the vessel, calculated in gross registered tonnage, as well as on the age of each vessel. Payment of this tonnage tax satisfies all income tax obligations of both the shipowning company and of all its shareholders up to the ultimate beneficial owners. Any tax payable to the state of the flag of each vessel as a result of its registration with a foreign flag registry (including the Marshall Islands) is subtracted from the amount of tonnage tax due to the Greek tax authorities. As of December 31, 2019, 2018 and 2017, the tax expense under the law amounted to $116, $118 and $116, respectively and is included in administrative expenses in the consolidated statements of comprehensive loss. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">U.S. Federal Income Tax</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">Globus is a foreign corporation with wholly owned subsidiaries that are foreign corporations, which derive income from the international operation of a ship or ships that earn United States (&#8220;U.S&#8221;) source shipping income for U.S. federal income tax purposes.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">Globus believes that to the best of its knowledge, under &#167; 883 of the Internal Revenue Code, its income and the income of its ship-owning subsidiaries, to the extent derived from the international operation of a ship or ships, are currently exempt from U.S. federal income tax.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">The following is a summary, discussing the application of the U.S. federal income tax laws to the Company relating to income derived from the international operation of a ship or ships.&#160; The discussion and its conclusion are based upon existing U.S. federal income tax law, including the Internal Revenue Code (the &#8220;Code&#8221;) and final U.S. Treasury Regulations (the &#8220;Regs&#8221;) as currently in effect, all of which are subject to change, possibly with retroactive effect.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">Application of &#167; 883 of the Code for the year ended December 31, 2019</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">In general, under &#167; 883, certain non-U.S. corporations are not subject to U.S. federal income tax on their U.S. source income derived from the international operation of a ship or ships (&#8220;gross transportation income&#8221;). Absent &#167; 883 or a tax treaty exemption, such income generally would be subject to a 4% gross basis tax, or in certain cases, to a net income tax plus a 30% branch profits tax.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">For this purpose, U.S. source gross transportation income includes 50% of the shipping income that is attributable to transportation that begins or ends (but that does not both begin and end) in the United States.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">Shipping income attributable to transportation exclusively between non-U.S. ports is generally not subject to any U.S. Federal income tax. &#8220;Shipping income&#8221; generally means income that is derived from:</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:72pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">(a) the use of vessels;</font></p><p style="margin-top:0pt; margin-left:72pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">(b) the hiring or leasing of vessels for use on a time, operating or bareboat charter basis;</font></p><p style="margin-top:0pt; margin-left:72pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">(c) the participation in a pool, partnership, strategic alliance, joint operating agreement or other joint venture it directly or indirectly owns or participates in that generates such income; or</font></p><p style="margin-top:0pt; margin-left:72pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">(d) the performance of services directly related to those uses.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">The Regs provide that a foreign corporation will qualify for the benefits of </font><a name="_Hlk4142017"><font style="font-family:'Times New Roman'">&#167;</font></a><font style="font-family:'Times New Roman'"> 883 if, in relevant part, the foreign country in which the foreign corporation is organized grants an equivalent exemption to corporations organized in the U.S. and the foreign corporation meets either the qualified shareholder test or the publicly traded test described below.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">Qualified Shareholder Test</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">A foreign corporation having more than 50 percent of the value of its outstanding shares owned, directly or indirectly by application of specific attribution rules, for at least half of the number of days in the foreign corporation&apos;s taxable year by one or more qualified shareholders will meet the qualified shareholder test.&#160; In part, an individual who is a shareholder will be considered a qualified shareholder if he or she is a resident of a qualified foreign country (which means for this purpose that he or she is fully liable to tax in such country, and maintains a tax home in such country for 183 days or more in the taxable year, or certain other rules apply) and does not own his or her interest in the foreign corporation through bearer shares (except for bearer shares held in a dematerialized or immobilized book entry system), either directly or indirectly by application of the attribution rules.&#160; In addition, in order to meet the qualified shareholder test, a foreign corporation will need to obtain certifications from its qualified shareholders (including from intermediary entities) substantiating their stock ownership.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">Publicly Traded Test</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Publicly Traded Test requires that one or more classes of equity representing more than 50% of the voting power and value in a non-United States corporation be &#8220;primarily and regularly traded&#8221; on an established securities market either in the United States or in a foreign country that grants an equivalent exemption. Among others, &#167; 883 provides, in relevant part, that the shares of a non-United States corporation will be considered to be &#8220;primarily traded&#8221; on an established securities market in a country if the number of shares of each class of shares that are traded during any taxable year on all established securities markets in that country exceeds the number of shares in each such class that are traded during that year on established securities markets in any other single country. </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Notwithstanding the foregoing, &#167; 883 provides, in relevant part, that a class of shares will not be considered to be &#8220;regularly traded&#8221; 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 share attribution rules, on more than half the days during the taxable year by persons who each own 5% or more of the vote and value of such class of outstanding shares which is referred as the 5 Percent Override Rule.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">In the event that the 5 Percent Override Rule is triggered, &#167; 883 provides that such rule will not apply if the Company can establish that within the group of 5% shareholders, there are sufficient qualified shareholders within the meaning of &#167; 883 to preclude non-qualified shareholders in such group from owning 50% or more of the total value of the Company&#8217;s common shares for more than half the number of days during the taxable year.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">For the year ended December 31, 2019, Globus and its wholly owned subsidiaries deriving income from the operation of international ships are organized in foreign countries that grant equivalent exemptions to corporations organized in the U.S. Globus&#8217;s common shares, representing more than 50% of the voting power and value in Globus, were primarily and regularly traded on the Nasdaq Capital Market, which is an established securities market. Although Globus&#8217;s ship-owning and operating subsidiaries were not publicly traded, they should qualify for the qualified shareholder test by virtue of their ownership by Globus.&#160; Accordingly, all of Globus&#8217; and its ship-owning or operating subsidiaries that rely on &#167; 883 for exempting U.S. source income from the international operation of ships should not be subject to U.S. federal income tax for the year ended December 31, 2019. Globus anticipates it and its relevant subsidiaries income will continue to be exempt in the future from U.S. federal income tax. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">However, in the future, Globus or its subsidiaries may not continue to satisfy certain criteria in the U.S. tax laws and as such, may become subject to the U.S. federal income tax on future U.S. source shipping income. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Under the laws of the Republic of Malta, the country of incorporation of one of the Company&#8217;s vessel-owning company&#8217;s, this vessel-owning company is not liable for any income tax on its income derived from shipping operations. The Republic of Malta is a country that has an income tax treaty with the United States. Accordingly, income earned by vessel-owning companies organized under the laws of the Republic of Malta may qualify for a treaty-based exemption. Specifically, under Article 8 (Shipping and Air Transport) of the treaty sets out the relevant rule to the effect that profits of an enterprise of a Contracting State from the operation of ships in international traffic shall be taxable only in that State.</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:504.75pt; border-collapse:collapse"><tr style="height:12.5pt"><td style="width:271.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:122.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:77.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td></tr><tr style="height:12.5pt"><td style="width:271.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Within one year</font></p></td><td style="width:122.95pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#160; -</font></p></td><td style="width:77.45pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">2,991</font></p></td></tr><tr style="height:12.5pt"><td style="width:271.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total</font></p></td><td style="width:122.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:77.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,991</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:418.15pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:62.75pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:69.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:12.75pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Within one year</font></p></td><td style="width:62.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">142</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">149</font></p></td></tr><tr style="height:12.75pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">After one year but not more than five years</font><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:62.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">567</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">596</font></p></td></tr><tr style="height:13.5pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">More than five years</font></p></td><td style="width:62.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">142</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">299</font></p></td></tr><tr style="height:13.5pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:62.75pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">851</font></p></td><td style="width:69.2pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,044</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><h1 style="margin-top:0pt; margin-bottom:0pt; text-indent:9pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">18&#160; Commitments</font></h1><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company enters into time charter and bareboat charter arrangements on its vessels. There were no non-cancellable arrangements as of December 31, 2019. As of December 31, 2018, the non-cancellable arrangements had remaining terms between five days to seven months, assuming redelivery at the earliest possible date. Future net minimum lease revenues receivable under non-cancellable operating leases as of December 31, 2019 and 2018, were as follows (vessel off-hires and dry-docking days that could occur but are not currently known are not taken into consideration and early delivery of the vessels by the charterers is not accounted for):</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:504.75pt; border-collapse:collapse; text-align:left"><tr style="height:12.5pt"><td style="width:271.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_d28dc19db1a04f7d8577dc01a9d5161d"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:122.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:77.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td></tr><tr style="height:12.5pt"><td style="width:271.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Within one year</font></p></td><td style="width:122.95pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#160; -</font></p></td><td style="width:77.45pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">2,991</font></p></td></tr><tr style="height:12.5pt"><td style="width:271.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total</font></p></td><td style="width:122.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:77.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,991</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">These amounts include consideration for other elements of the arrangement apart from the right to use the vessel such as maintenance and crewing and its related costs.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">At December 31, 2019, 2018 and 2017, the Company was a party to a lease agreement as lessee (note 4). The lease relates to the rental of office premises at a monthly rate of Euro 10,360 (absolute amount) and for a lease period ending January 2, 2025. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The future minimum lease payments under this agreement as of December 31, 2018 and 2017, assuming a Euro: US dollar exchange rate for 2018 1:1.14 and for 2017: 1:1.20, were as follows:</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:418.15pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_09978cc9ba694ae5bf6537be41672620"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:62.75pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:69.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:12.75pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Within one year</font></p></td><td style="width:62.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">142</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">149</font></p></td></tr><tr style="height:12.75pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">After one year but not more than five years</font><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:62.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">567</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">596</font></p></td></tr><tr style="height:13.5pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">More than five years</font></p></td><td style="width:62.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">142</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">299</font></p></td></tr><tr style="height:13.5pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:62.75pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">851</font></p></td><td style="width:69.2pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,044</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Total rent expense under operating leases for the years ended December 31, 2018 and 2017, amounted to $147 and 140 respectively.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As further discussed in note 4, on January 1, 2019, following the adoption of IFRS 16, the Company recognised a right of use asset and a corresponding liability of approximately $674 with respect to the rental agreement. The depreciation charge for right-of-use assets for the year ended December 31, 2019, was approximately $112 and the interest expense on lease liability for the same period was approximately $51 and recognised in the income statement component of the consolidated statement of comprehensive loss under depreciation and interest expense and finance costs, respectively. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">At December 31, 2019, the current and non-current lease liability amounted to $208 and $469, respectively and are included in the accompanying consolidated statement of financial position.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Voyage expenses consisted of:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:438.85pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.75pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="3" style="width:195.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the year ended December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:53.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:60.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:59.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:12.75pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Commissions </font></p></td><td style="width:53.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">224</font></p></td><td style="width:60.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">281</font></p></td><td style="width:59.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">241</font></p></td></tr><tr style="height:12.75pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Bunkers expenses</font></p></td><td style="width:53.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,634</font></p></td><td style="width:60.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">716</font></p></td><td style="width:59.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">968</font></p></td></tr><tr style="height:13.5pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other voyage expenses</font></p></td><td style="width:53.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">240</font></p></td><td style="width:60.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">191</font></p></td><td style="width:59.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">143</font></p></td></tr><tr style="height:13.5pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:53.7pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,098</font></p></td><td style="width:60.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,188</font></p></td><td style="width:59.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,352</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:27pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Vessel operating expenses consisted of:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:441.8pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13pt"><td colspan="2" style="width:228.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="3" style="width:191.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the year ended December 31,</font></p></td></tr><tr style="height:13.8pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:57.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:58.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:54.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:13pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Crew wages and related costs</font></p></td><td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,670</font></p></td><td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,766</font></p></td><td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,645</font></p></td></tr><tr style="height:13pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Insurance </font></p></td><td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">664</font></p></td><td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">607</font></p></td><td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">742</font></p></td></tr><tr style="height:13pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Spares, repairs and maintenance</font></p></td><td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,884</font></p></td><td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,721</font></p></td><td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,222</font></p></td></tr><tr style="height:13pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Lubricants</font></p></td><td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">517</font></p></td><td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">501</font></p></td><td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">496</font></p></td></tr><tr style="height:13pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Stores</font></p></td><td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">820</font></p></td><td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,000</font></p></td><td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">783</font></p></td></tr><tr style="height:13.8pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other</font></p></td><td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">327</font></p></td><td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">330</font></p></td><td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">247</font></p></td></tr><tr style="height:13.8pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td colspan="2" style="width:57.9pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">8,882</font></p></td><td style="width:58.05pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">9,925</font></p></td><td style="width:54.4pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">9,135</font></p></td></tr><tr style="height:0pt"><td style="width:239.05pt"></td><td style="width:0.3pt"></td><td style="width:68.4pt"></td><td style="width:68.85pt"></td><td style="width:65.2pt"></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">13&#160;&#160;&#160;&#160;&#160;&#160; Voyage Expenses and Vessel Operating Expenses</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:27pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Voyage expenses and vessel operating expenses in the consolidated statements of comprehensive loss consisted of the following:</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_0e15f53dc67a48fe95077defbc6cae8f"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Voyage expenses consisted of:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:438.85pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.75pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="3" style="width:195.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the year ended December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:53.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:60.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:59.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:12.75pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Commissions </font></p></td><td style="width:53.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">224</font></p></td><td style="width:60.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">281</font></p></td><td style="width:59.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">241</font></p></td></tr><tr style="height:12.75pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Bunkers expenses</font></p></td><td style="width:53.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,634</font></p></td><td style="width:60.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">716</font></p></td><td style="width:59.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">968</font></p></td></tr><tr style="height:13.5pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other voyage expenses</font></p></td><td style="width:53.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">240</font></p></td><td style="width:60.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">191</font></p></td><td style="width:59.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">143</font></p></td></tr><tr style="height:13.5pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:53.7pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,098</font></p></td><td style="width:60.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,188</font></p></td><td style="width:59.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,352</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:27pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Vessel operating expenses consisted of:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:441.8pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13pt"><td colspan="2" style="width:228.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="3" style="width:191.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the year ended December 31,</font></p></td></tr><tr style="height:13.8pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:57.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:58.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:54.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:13pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Crew wages and related costs</font></p></td><td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,670</font></p></td><td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,766</font></p></td><td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,645</font></p></td></tr><tr style="height:13pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Insurance </font></p></td><td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">664</font></p></td><td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">607</font></p></td><td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">742</font></p></td></tr><tr style="height:13pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Spares, repairs and maintenance</font></p></td><td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,884</font></p></td><td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,721</font></p></td><td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,222</font></p></td></tr><tr style="height:13pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Lubricants</font></p></td><td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">517</font></p></td><td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">501</font></p></td><td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">496</font></p></td></tr><tr style="height:13pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Stores</font></p></td><td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">820</font></p></td><td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,000</font></p></td><td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">783</font></p></td></tr><tr style="height:13.8pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other</font></p></td><td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">327</font></p></td><td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">330</font></p></td><td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">247</font></p></td></tr><tr style="height:13.8pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td colspan="2" style="width:57.9pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">8,882</font></p></td><td style="width:58.05pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">9,925</font></p></td><td style="width:54.4pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">9,135</font></p></td></tr><tr style="height:0pt"><td style="width:239.05pt"></td><td style="width:0.3pt"></td><td style="width:68.4pt"></td><td style="width:68.85pt"></td><td style="width:65.2pt"></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:438.75pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:14.3pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="3" style="width:173.25pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; December 31,</font></p></td></tr><tr style="height:14.3pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:50.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:50.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:50.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:13.5pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Authorised share capital:</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:13.5pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">500,000,000 Common shares of par value $0.004 each</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,000</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,000</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,000</font></p></td></tr><tr style="height:13.5pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">100,000,000 Class B Common shares of par value $0.001 each</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td></tr><tr style="height:14.3pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">100,000,000 Preferred shares of par value $0.001 each </font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td></tr><tr style="height:14.3pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total authorised share capital</font></p></td><td style="width:50.55pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,200</font></p></td><td style="width:50.55pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,200</font></p></td><td style="width:50.55pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,200</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:418.15pt; margin-left:42.55pt; border-collapse:collapse"><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-indent:1.6pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Common Shares issued and fully paid</font></p></td><td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of shares </font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">USD</font></p></td></tr><tr style="height:12.75pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at January 1, 2017</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">262,755</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issued during the year for share based compensation (note 12)</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,094</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issuance of common stock</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,750,000</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">11</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issuance of common stock due to exercise of warrants</font></p></td><td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">148,181</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1</font></p></td></tr><tr style="height:12.75pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at December 31, 2017</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,163,030</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">13</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issued during the year for share based compensation (note 12)</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">8,797</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issuance of common stock due to exercise of warrants</font></p></td><td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">37,500</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at December 31, 2018</font></p></td><td style="width:81.35pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,209,327</font></p></td><td style="width:45.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">13</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issued during the year for share based compensation (note 12)</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">17,998</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issuance of common stock due to conversion of loan</font></p></td><td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,999,834</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">8</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at December 31, 2019</font></p></td><td style="width:81.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">5,227,159</font></p></td><td style="width:45.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">21</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">9&#160;&#160; Share Capital and Share Premium</font></h1><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The authorised share capital of Globus consisted of the following:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:438.75pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:14.3pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_942dcce0bce44448814c5fa5f9ecf163"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></a></p></td><td colspan="3" style="width:173.25pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; December 31,</font></p></td></tr><tr style="height:14.3pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:50.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:50.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:50.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:13.5pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Authorised share capital:</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:13.5pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">500,000,000 Common shares of par value $0.004 each</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,000</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,000</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,000</font></p></td></tr><tr style="height:13.5pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">100,000,000 Class B Common shares of par value $0.001 each</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td></tr><tr style="height:14.3pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">100,000,000 Preferred shares of par value $0.001 each </font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td></tr><tr style="height:14.3pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total authorised share capital</font></p></td><td style="width:50.55pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,200</font></p></td><td style="width:50.55pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,200</font></p></td><td style="width:50.55pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,200</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Holders of the Company&#8217;s common shares and Class B shares have equivalent economic rights, but holders of Company&#8217;s common shares are entitled to one vote per share and holders of the Company&#8217;s Class B shares are entitled to twenty votes per share. Each holder of Class B shares may convert, at its option, any or all of the Class B shares held by such holder into an equal number of common shares.&#160; </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:418.15pt; margin-left:42.55pt; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-indent:1.6pt; font-size:9pt"><a name="DM_MAP_044e7d2b6c034322b03b9b96cd201853"><font style="font-family:'Times New Roman'; font-weight:bold">Common Shares issued and fully paid</font></a></p></td><td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of shares </font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">USD</font></p></td></tr><tr style="height:12.75pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at January 1, 2017</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">262,755</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issued during the year for share based compensation (note 12)</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,094</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issuance of common stock</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,750,000</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">11</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issuance of common stock due to exercise of warrants</font></p></td><td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">148,181</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1</font></p></td></tr><tr style="height:12.75pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at December 31, 2017</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,163,030</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">13</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issued during the year for share based compensation (note 12)</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">8,797</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issuance of common stock due to exercise of warrants</font></p></td><td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">37,500</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at December 31, 2018</font></p></td><td style="width:81.35pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,209,327</font></p></td><td style="width:45.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">13</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issued during the year for share based compensation (note 12)</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">17,998</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issuance of common stock due to conversion of loan</font></p></td><td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,999,834</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">8</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at December 31, 2019</font></p></td><td style="width:81.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">5,227,159</font></p></td><td style="width:45.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">21</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On February 8, 2017, the Company entered into a Share and Warrant Purchase Agreement (&#8220;February 2017 private placement&#8221;) pursuant to which it sold for $5,000, an aggregate of 500,000 of its common shares, par value $0.004 per share and warrants (the &#8220;February 2017 Warrants&#8221;) to purchase 2.5 million of its common shares at a price of $16 per share to four investors in a private placement. One investor is the CEO&#8217;s sister and the daughter of its chairman. These securities were issued in transactions exempt from registration under the Securities Act. The following day, the Company entered into a registration rights agreement with those purchasers providing them with certain rights relating to registration under the Securities Act of the Shares and the common shares underlying the Warrants. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">In connection with the closing of the February 2017 private placement, the Company also entered into two loan amendment agreements with existing lenders.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">One loan amendment agreement was entered into by the Company with Firment Trading Limited, the lender of the Firment Credit Facility, which then had an outstanding principal amount of $18,524. Firment Trading Limited released an amount equal to $16,885 (but left an amount equal to $1,639 outstanding, which continued to accrue under the Firment Credit Facility as though it were principal) of the Firment Credit Facility and the Company issued to Firment Shipping Inc., an affiliate of Firment Trading Limited, 1,688,500 common shares and a warrant to purchase 623,058 common shares at a price of $16 per share.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The second loan amendment agreement in connection with the closing of the February 2017 private placement was entered into by the Company with Silaner Investments Limited, the lender of the Silaner Credit Facility. Silaner Investments Limited released an amount equal to the outstanding principal of $3,115 (but left an amount equal to $74 outstanding, which continued to accrue under the Silaner Credit Facility as though it were principal) of the Silaner Credit Facility and the Company issued to Firment Shipping Inc., an affiliate of Silaner Investments limited, 311,500 common shares and a warrant to purchase 114,944 common shares at a price of $16 per share.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Further to the February 2017 private placement two investors, other than Firment Shipping Inc. and Silaner Investments Limited, partially exercised their warrants in 2017 purchasing 148,181 shares for the aggregate gross proceeds to the Company of approximately $2,371. In January 2018 one investor, other than Firment Shipping Inc. and Silaner Investments Limited, partially exercised its warrants, purchasing 37,500 of the Company&#8217;s common shares for aggregate gross proceeds to the Company of approximately $600. Each of the February 2017 Warrants were exercisable for 24 months after their respective issuance. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019, in connection with the February 2017 private placement, the February 2017 Warrants outstanding had not been exercised and had expired, while as of December 31, 2018, the outstanding warrants were exercisable for an aggregate of 3,052,321 common shares.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On October 19, 2017, the Company entered into a Share and Warrant Purchase Agreement (the &#8220;October 2017 SPA&#8221;) pursuant to which it sold for $2,500 an aggregate of 250,000 of its common shares, par value $0.004 per share and a warrant (the &#8220;October 2017 Warrant&#8221;) to purchase 1.25 million of its common shares at a price of $16 per share to an investor in a private placement (the &#8220;October 2017 Private Placement&#8221;). These securities were issued in transactions exempt from registration under the Securities Act of 1933, as amended. On that day, Company also entered into a registration rights agreement with the purchaser providing it with certain rights relating to registration under the Securities Act of the 250,000 common shares issued in connection with the October 2017 Private Placement and the common shares underlying the October 2017 Warrant.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Under the terms of the October 2017 Warrant, the purchaser could not exercise its warrant to the extent such exercise would cause the purchaser, together with its affiliates and attribution parties, to beneficially own a number of common shares which would exceed 4.99% (which could be increased upon no less than 61 days&#8217; notice, but not to exceed 9.99%) of Globus&#8217;s then outstanding common shares immediately following such exercise, excluding for purposes of such determination common shares issuable upon exercise of the October 2017 Warrant which were not exercised. This provision did not limit the purchaser from acquiring up to 4.99% of the Company&#8217;s common shares, selling all of its common shares, and re-acquiring up to 4.99% of the Company&#8217;s&#160; common shares. The October 2017 Warrant were exercisable for 24 months after its issuance. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019, in connection with the October 2017 SPA, the October 2017 Warrant outstanding had not been exercised and had expired,&#160; while as of December 31, 2018, the outstanding warrants were exercisable for an aggregate of 1,250,000 common shares.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company during 2017 had recorded $218 expense in connection with these warrants which was deducted from share premium in equity.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">During the years ended December 31, 2019, 2018 and 2017, Globus issued 17,998,&#160; 8,797 and 2,094 common shares, respectively as share-based payments. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019, 2018 and 2017, </font><font style="font-family:'Times New Roman'">the Company had no series A preferred shares outstanding</font><font style="font-family:'Times New Roman'">.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019, 2018 and 2017, no Class B shares were outstanding.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On April 23, 2019, the outstanding principal amount of $3,100 plus the accrued interest of $70 outstanding under the Firment Shipping Inc. Credit Facility was converted to share capital at a conversion price of $2.80 per share and, accordingly, the Company issued 1,132,191 new common shares to Firment Shipping Inc.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">During the year ended December 31, 2019, an amount corresponding to $ 1,691,250 plus the accrued interest of $97,311 under the Convertible Note with Arnaki (Note 11) was converted to share capital and the Company issued 867,643 new common shares to Arnaki</font><font style="font-family:'Times New Roman'">.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Share premium includes the contribution of Globus&#8217; shareholders to the acquisition of the Company&#8217;s vessels. Additionally, share premium includes the effects of the Globus initial and follow-on public offerings, the effects of the settlement of the related party loans (note 4) with the issuance of the Company&#8217;s common shares and the effects of the share based payments described in note 12. Accordingly, at December 31, 2019, 2018 and 2017, Globus share premium amounted to $145,506, $140,334 and $139,684, respectively. </font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:495.05pt; border-collapse:collapse"><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:14.4pt; margin-bottom:0pt; text-indent:-14.4pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Borrower</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Loan Balance</font></p></td><td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Unamortized Debt Discount</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total Borrowings</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(a)</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Devocean Maritime LTD., Domina Maritime LTD., Dulac Maritime S.A., </font><font style="font-family:'Times New Roman'">Artful Shipholding S.A. &amp; Longevity Maritime Limited</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">37,000</font></p></td><td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(741)</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">36,259</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(b)</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Globus Maritime Ltd. &#8211; Firment Shipping Inc.</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">307</font></p></td><td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">307</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(c) </font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Globus Maritime Ltd. &#8211; Convertible Note</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,180</font></p></td><td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,180</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total at December 31, 2019</font></p></td><td style="width:45.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">38,487</font></p></td><td style="width:60.05pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(741)</font></p></td><td style="width:45.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,746</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Less: Current Portion</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(1,487)</font></p></td><td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">292</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(1,195)</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Long-Term Portion</font></p></td><td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,000</font></p></td><td style="width:60.05pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(449)</font></p></td><td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">36,551</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:45.9pt; border-top-style:double; border-top-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:60.05pt; border-top-style:double; border-top-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:45.9pt; border-top-style:double; border-top-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total at December 31, 2018</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,163</font></p></td><td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(295)</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">36,868</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Less: Current Portion</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(35,663)</font></p></td><td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">295</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(35,368)</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Long-Term Portion</font></p></td><td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,500</font></p></td><td style="width:60.05pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,500</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The contractual annual loan principal payments per lender to be made subsequent to December 31, 2019, assuming that the lenders will not demand the repayment of the loans before their maturity, were as follows:</font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:396.75pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:15pt"><td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:11pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:67.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(a)</font></p></td><td style="width:38.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(b)</font></p></td><td style="width:72.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> (c)</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:13.5pt"><td style="width:95.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31,</font></p></td><td style="width:67.15pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">EnTrust</font></p></td><td style="width:38.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Firment</font></p></td><td style="width:72.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Convertible Note</font></p></td><td style="width:69.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2020</font></p></td><td style="width:67.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:38.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">800*</font></p></td><td style="width:72.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3,309*</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,109</font></p></td></tr><tr style="height:12.75pt"><td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2021</font></p></td><td style="width:67.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">5,970</font></p></td><td style="width:38.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:72.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">5,970</font></p></td></tr><tr style="height:13.5pt"><td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2022 and thereafter&#160; </font></p></td><td style="width:67.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">31,030</font></p></td><td style="width:38.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:72.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">31,030</font></p></td></tr><tr style="height:13.5pt"><td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:67.15pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,000</font></p></td><td style="width:38.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">800</font></p></td><td style="width:72.05pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,309</font></p></td><td style="width:69.2pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">41,109</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">* This table represents the maturities before the waivers/extensions acquired within the first quarter of 2020 (see note 22).</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The contractual annual loan principal payments per bank loan to be made subsequent to December 31, 2018, assuming that the lenders will not demand the repayment of the loans before their maturity, were as follows:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:404.3pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.75pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(d)</font></p></td><td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(b)</font></p></td><td colspan="2" style="width:118.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(e)</font></p></td><td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:24pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Hamburg Commercial Bank AG</font></p></td><td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Firment Shipping Inc. </font></p></td><td colspan="2" style="width:118.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Macquarie Bank International Limited</font></p></td><td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:13.5pt"><td style="width:88.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31</font></p></td><td style="width:35.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:63.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:56.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Advance (A)</font></p></td><td style="width:51pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Advance (B)</font></p></td><td style="width:45.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2019</font></p></td><td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">22,163</font></p></td><td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">889</font></p></td><td style="width:51pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">882</font></p></td><td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">23.934</font></p></td></tr><tr style="height:12.75pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2020</font></p></td><td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,200</font></p></td><td style="width:56.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">889</font></p></td><td style="width:51pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">882</font></p></td><td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3.971</font></p></td></tr><tr style="height:12.75pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2021</font></p></td><td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">889</font></p></td><td style="width:51pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">882</font></p></td><td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1.771</font></p></td></tr><tr style="height:12.75pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2022</font></p></td><td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">889</font></p></td><td style="width:51pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">882</font></p></td><td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1.771</font></p></td></tr><tr style="height:13.5pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2023 and thereafter&#160; </font></p></td><td style="width:35.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:63.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,444</font></p></td><td style="width:51pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3.972</font></p></td><td style="width:45.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">6.416</font></p></td></tr><tr style="height:13.5pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:35.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">22,163</font></p></td><td style="width:63.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,200</font></p></td><td style="width:56.7pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">6,000</font></p></td><td style="width:51pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">7,500</font></p></td><td style="width:45.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37.863</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">11&#160;&#160;&#160;&#160;&#160;&#160;&#160; Long-Term Debt, net&#160; </font></h1><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Long-term debt in the consolidated statement of financial position is analysed as follows:</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:495.05pt; border-collapse:collapse; text-align:left"><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:14.4pt; margin-bottom:0pt; text-indent:-14.4pt; text-align:justify; font-size:9pt"><a name="DM_MAP_be7352fbd79d45a99b6e9cc48b3dde42"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></a></p></td><td style="width:273pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Borrower</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Loan Balance</font></p></td><td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Unamortized Debt Discount</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total Borrowings</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(a)</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Devocean Maritime LTD., Domina Maritime LTD., Dulac Maritime S.A., </font><font style="font-family:'Times New Roman'">Artful Shipholding S.A. &amp; Longevity Maritime Limited</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">37,000</font></p></td><td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(741)</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">36,259</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(b)</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Globus Maritime Ltd. &#8211; Firment Shipping Inc.</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">307</font></p></td><td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">307</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(c) </font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Globus Maritime Ltd. &#8211; Convertible Note</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,180</font></p></td><td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,180</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total at December 31, 2019</font></p></td><td style="width:45.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">38,487</font></p></td><td style="width:60.05pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(741)</font></p></td><td style="width:45.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,746</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Less: Current Portion</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(1,487)</font></p></td><td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">292</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(1,195)</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Long-Term Portion</font></p></td><td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,000</font></p></td><td style="width:60.05pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(449)</font></p></td><td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">36,551</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:45.9pt; border-top-style:double; border-top-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:60.05pt; border-top-style:double; border-top-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:45.9pt; border-top-style:double; border-top-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total at December 31, 2018</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,163</font></p></td><td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(295)</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">36,868</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Less: Current Portion</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(35,663)</font></p></td><td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">295</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(35,368)</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Long-Term Portion</font></p></td><td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,500</font></p></td><td style="width:60.05pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,500</font></p></td></tr></table><p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ol type="a" style="margin:0pt; padding-left:0pt"><li style="margin-left:14.75pt; text-align:justify; padding-left:3.25pt; font-family:'Times New Roman'; font-size:9pt; font-weight:bold"><font style="font-weight:normal">In June 2019, </font><font style="font-weight:normal">Globus through its wholly owned subsidiaries</font><font style="font-weight:normal">, </font><font style="font-weight:normal">Devocean Maritime Ltd.(the &#8220;Borrower A&#8221;), Domina Maritime Ltd.(the &#8220;Borrower B&#8221;), Dulac Maritime S.A. (the &#8220;Borrower C&#8221;), </font><font style="font-weight:normal">Artful Shipholding S.A.</font><font style="font-weight:normal"> (the &#8220;Borrower D&#8221;)</font><font style="font-weight:normal"> and Longevity Maritime Limited </font><font style="font-weight:normal">(the &#8220;Borrower E&#8221;)</font><font style="font-weight:normal">, </font><font style="font-weight:normal">vessel owning companies of m/v River Globe, m/v Sky Globe, m/v Star Globe, m/v Moon Globe and m/v Sun Globe, respectively, </font><font style="font-weight:normal">entered a new term loan facility for up to $37,000 with EnTrust Global&#8217;s Blue Ocean Fund for the purpose of refinancing the existing indebtedness secured on the ships and for general corporate purposes. The loan facility is in the names of Devocean Maritime Ltd., Domina Maritime Ltd, Dulac Maritime S.A.</font><font style="font-weight:normal">, </font><font style="font-weight:normal">Artful Shipholding S.A. and Longevity Maritime Limited</font><font style="font-weight:normal"> as the borrowers and is guaranteed by Globus. The loan facility bears interest at LIBOR plus a margin of 8.50% (or 10.5% default interest) for interest periods of three months. This loan facility will be referred as EnTrust loan facility. </font></li></ol><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'; color:#0000ff">&#xa0;</font></h1><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On June 24, 2019, the Company drew down $37,000 under the EnTrust loan facility and fully prepaid the existing loan facilities with </font><font style="font-family:'Times New Roman'">Hamburg Commercial Bank AG (formerly known as HSH Nordbank AG) and </font><font style="font-family:'Times New Roman'">Macquarie Bank International Limited. The </font><font style="font-family:'Times New Roman'">&#8220;EnTrust&#8221; loan facility consists of five Tranches:</font></p><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Tranche (A) of $6,375 for the purpose of prepaying to Hamburg Commercial Bank AG the amount outstanding with respect to the m/v River Globe. The balance outstanding of tranche (A) at December 31, 2019, was $6,375 payable in 6 equal quarterly instalments of $266 starting, March 2021, as well as a balloon payment of $4,779 due together with the 6th and final instalment due in June 2022. This repayment schedule is subject to alterations depending on the amount of &#8220;Excess cash&#8221;, as described in the loan agreement, which will be applied against the balloon amount.</font></p><p style="margin:0pt 7.05pt 0pt 18pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Tranche (B) of $7,375 for the purpose of prepaying to Hamburg Commercial Bank AG the amount outstanding with respect to the m/v Sky Globe. The balance outstanding of tranche (B) at December 31, 2019, was $7,375 payable in 6 equal quarterly instalments of $230 starting, March 2021, as well as a balloon payment of $5,995 due together with the 6th and final instalment due in June 2022. This repayment schedule is subject to alterations depending on the amount of &#8220;Excess cash&#8221;, as described in the loan agreement, which will be applied against the balloon amount.</font></p><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Book Antiqua'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Tranche (C) of $7,750 for the purpose of prepaying to Hamburg Commercial Bank AG the amount outstanding with respect to the m/v Star Globe. The balance outstanding of tranche (C) at December 31, 2019, was $7,750 payable in 6 equal quarterly instalments of $215 starting, March 2021, as well as a balloon payment of $6,460 due together with the 6th and final instalment due in June 2022. This repayment schedule is subject to alterations depending on the amount of &#8220;Excess cash&#8221;, as described in the loan agreement, which will be applied against the balloon amount.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Tranche (D) of $6,500 for the purpose of prepaying to Macquarie Bank International Limited the amount outstanding with respect to the m/v Moon Globe. The balance outstanding of tranche (D) at December 31, 2019, was $6,500 payable in 6 equal quarterly instalments of $406 starting, March 2021, as well as a balloon payment of $4,064 due together with the 6th and final instalment due in June 2022. This repayment schedule is subject to alterations depending on the amount of &#8220;Excess cash&#8221;, as described in the loan agreement, which will be applied against the balloon amount.</font></p><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Book Antiqua'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Tranche (E) of $9,000 for the purpose of prepaying to Macquarie Bank International Limited the amount outstanding with respect to the m/v Sun Globe. The balance outstanding of tranche (E) at December 31, 2019, was $9,000 payable in 6 equal quarterly instalments of $375 starting, March 2021, as well as a balloon payment of $6,750 due together with the 6th and final instalment due in June 2022. This repayment schedule is subject to alterations depending on the amount of &#8220;Excess cash&#8221;, as described in the loan agreement, which will be applied against the balloon amount.</font></p><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin:0pt 7.05pt 0pt 18pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin:0pt 7.05pt 0pt 18pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The total amount of borrowing costs that were capitalized for this loan facility amounted to $880 which will be amortized over the term of this loan facility.</font></p><p style="margin:0pt 7.05pt 0pt 18pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin:0pt 7.05pt 0pt 18pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The loan is secured by, among other things:</font></p><ul type="circle" style="margin:0pt; padding-left:0pt"><li style="margin-left:46.4pt; text-align:justify; padding-left:7.6pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">First preferred mortgage over m/v River Globe, m/v Sky Globe, m/v Star Globe, m/v Moon Globe and m/v Sun Globe. </font></li><li style="margin-left:46.4pt; text-align:justify; padding-left:7.6pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Guarantee from Globus and joint liability of the vessel owning companies.</font></li><li style="margin-left:46.4pt; text-align:justify; padding-left:7.6pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Shares pledges respecting each borrower.</font></li><li style="margin-left:46.4pt; text-align:justify; padding-left:7.6pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Pledges of bank accounts, charter assignments, and a general assignment over each ship&#8217;s earnings, insurances and any requisition compensation in relation of that ship.</font></li></ul><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The EnTrust loan facility contains various covenants requiring the vessels owning companies and/or Globus to, amongst others things, ensure that:</font></p><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:48.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">The Borrowers shall maintain a minimum liquidity at all times of not less than $250 for each mortgaged ship. </font></li></ul><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:48.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">The Parent Guarantor shall maintain, on a consolidated basis, at the end of each calendar quarter liquid funds in an amount, in aggregate, of not less than 5 per cent of the consolidated &#8220;Financial Indebtedness&#8221;, </font><font style="font-family:'Times New Roman'">as described in the loan agreement,</font><font style="font-family:'Times New Roman'"> of the Group as reflected in the most recent financial statements of the Parent Guarantor.</font></li></ul><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:48.15pt; text-align:justify; 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margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(b)</font><font style="font-family:'Times New Roman'">&#160;&#160; In November 2018, Globus Maritime Limited entered into a credit facility for up to $15,000 with Firment Shipping Inc., an affiliate of the Company&#8217;s chairman, for the purpose of financing its general working capital needs (Note 4). 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Interest is payable the last day of a period of three months after the draw-down date, after this period in case of failure to pay any sum due, a default interest of 2% per annum above the regular interest is charged. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-25.55pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:25.55pt; margin-bottom:0pt; text-indent:-25.55pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Globus also has the right, in its sole option, to convert in whole or in part the outstanding unpaid principal amount and accrued but unpaid interest under the Firment Shipping Credit Facility into common stock. The conversion price shall equal the higher of (i) the average of the daily dollar volume-weighted average sale price for the common stock on the principal market on any trading day during the period beginning at 9.30 a.m. New York City time and ending at 4.00 p.m. (&#8220;VWAP&#8221;) over the pricing period multiplied by 80%, where the &#8220;Pricing Period&#8221; equals the ten consecutive trading days immediately preceding the date on which the conversion notice was executed or (ii) Two US Dollars and Eighty Cents ($2.80). </font></p><p style="margin-top:0pt; margin-left:25.55pt; margin-bottom:0pt; text-indent:-25.55pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:25.55pt; margin-bottom:0pt; text-indent:-25.55pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As per the conversion clause included in the Firment Shipping Credit Facility, the Company has recognized this agreement as a hybrid financial instrument which includes an embedded derivative. 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The derivative component at December 31, 2019 and 2018 amounted to $524 and $831, respectively and was classified under &#8220;fair value of derivative financial instruments, current&#8221; and &#8220;fair value of derivative financial instruments, non-current&#8221;, respectively in the consolidated statements of financial position.</font></p><p style="margin-top:0pt; margin-left:25.55pt; margin-bottom:0pt; text-indent:-25.55pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:25.55pt; margin-bottom:0pt; text-indent:-25.55pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On April 23, 2019, the Company converted to share capital, as per the conversion clause included in the Firment Shipping Credit Facility the outstanding principal amount of $3,100 plus the accrued interest of $70 with a conversion price of $2.80 per share and issued 1,132,191 new common shares on behalf of Firment Shipping Inc. 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The derivative component is shown separately from the non-derivative host in the consolidated statement of financial position at fair value. The changes in the fair value of the derivative financial instrument are recognized in the income statement component of the consolidated statement of comprehensive loss. The initial amount drawn with respect to the Convertible Note was $5,000. The non-derivative host and the derivative component that was initially recognized amounted to $1,783 and $3,217, respectively.</font></p><p style="margin-top:0pt; margin-left:21.25pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:25.55pt; margin-bottom:0pt; text-indent:-25.55pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The non-derivative host at December 31, 2019, amounted to $1,180 and was classified under &#8220;current portion of long-term borrowings&#8221; in the consolidated statement of financial position. 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(&#8220;Devocean et al.&#8221;), vessel owning companies of m/v River Globe, m/v Sky Globe and m/v Star Globe, respectively, entered into a loan agreement for up to $30,000 with Hamburg Commercial Bank AG (formerly known as HSH Nordbank AG) (the &#8220;Bank&#8221;) for the purpose of partially prepaying the then outstanding secured reducing revolving credit facility with Credit Suisse AG. On March 3, 2015, Devocean et al. drew down $29,405 and the Company prepaid $30,000 to Credit Suisse AG reducing the balance due to Credit Suisse AG to $5,000, which was settled in July 2015. As at June 27, 2019, the balances of all tranches of $20,776 were fully repaid using the proceedings from the new loan agreement with </font><font style="font-family:'Times New Roman'">EnTrust loan facility</font><font style="font-family:'Times New Roman'">.</font></p><p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold">(e)</font><font style="font-family:'Times New Roman'; font-size:9pt">&#160;&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'; font-size:9pt">In December 2018, Globus through its wholly owned subsidiaries, Artful Shipholding S.A. (&#8220;Artful&#8221;) and Longevity Maritime Limited (&#8220;Longevity&#8221;), entered into the Macquarie Loan Agreement for an amount up to $13,500 with Macquarie Bank International Limited. In December 2018, $6,000 (Artful Advance) and $7,500 (Longevity Advance) were drawn down for the purpose of partly refinancing the existing DVB Loan Agreement for m/v Moon Globe and m/v Sun Globe, respectively. As at June 28, 2019, the balance of all tranches of $13,057 were fully repaid using the proceedings from the new loan agreement with EnTrust loan facility.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_3aac705f4e8b4f76bc6f66b09973cf22"><font style="font-family:'Times New Roman'">The contractual annual loan principal payments per lender to be made subsequent to December 31, 2019, assuming that the lenders will not demand the repayment of the loans before their maturity, were as follows:</font></a></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:396.75pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:15pt"><td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:11pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:67.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(a)</font></p></td><td style="width:38.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(b)</font></p></td><td style="width:72.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> (c)</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:13.5pt"><td style="width:95.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31,</font></p></td><td style="width:67.15pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">EnTrust</font></p></td><td style="width:38.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Firment</font></p></td><td style="width:72.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Convertible Note</font></p></td><td style="width:69.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2020</font></p></td><td style="width:67.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:38.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">800*</font></p></td><td style="width:72.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3,309*</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,109</font></p></td></tr><tr style="height:12.75pt"><td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2021</font></p></td><td style="width:67.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">5,970</font></p></td><td style="width:38.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:72.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">5,970</font></p></td></tr><tr style="height:13.5pt"><td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2022 and thereafter&#160; </font></p></td><td style="width:67.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">31,030</font></p></td><td style="width:38.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:72.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">31,030</font></p></td></tr><tr style="height:13.5pt"><td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:67.15pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,000</font></p></td><td style="width:38.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">800</font></p></td><td style="width:72.05pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,309</font></p></td><td style="width:69.2pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">41,109</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">* This table represents the maturities before the waivers/extensions acquired within the first quarter of 2020 (see note 22).</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The contractual annual loan principal payments per bank loan to be made subsequent to December 31, 2018, assuming that the lenders will not demand the repayment of the loans before their maturity, were as follows:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:404.3pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.75pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(d)</font></p></td><td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(b)</font></p></td><td colspan="2" style="width:118.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(e)</font></p></td><td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:24pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Hamburg Commercial Bank AG</font></p></td><td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Firment Shipping Inc. </font></p></td><td colspan="2" style="width:118.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Macquarie Bank International Limited</font></p></td><td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:13.5pt"><td style="width:88.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31</font></p></td><td style="width:35.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:63.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:56.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Advance (A)</font></p></td><td style="width:51pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Advance (B)</font></p></td><td style="width:45.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2019</font></p></td><td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">22,163</font></p></td><td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">889</font></p></td><td style="width:51pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">882</font></p></td><td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">23.934</font></p></td></tr><tr style="height:12.75pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2020</font></p></td><td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,200</font></p></td><td style="width:56.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">889</font></p></td><td style="width:51pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">882</font></p></td><td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3.971</font></p></td></tr><tr style="height:12.75pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2021</font></p></td><td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">889</font></p></td><td style="width:51pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">882</font></p></td><td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1.771</font></p></td></tr><tr style="height:12.75pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2022</font></p></td><td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">889</font></p></td><td style="width:51pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">882</font></p></td><td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1.771</font></p></td></tr><tr style="height:13.5pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2023 and thereafter&#160; </font></p></td><td style="width:35.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:63.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,444</font></p></td><td style="width:51pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3.972</font></p></td><td style="width:45.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">6.416</font></p></td></tr><tr style="height:13.5pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:35.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">22,163</font></p></td><td style="width:63.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,200</font></p></td><td style="width:56.7pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">6,000</font></p></td><td style="width:51pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">7,500</font></p></td><td style="width:45.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37.863</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The weighted average interest rate for the years ended December 31, 2019 and 2018 was 8.66% and 4.97%, respectively. </font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Basis of Preparation: </font><font style="font-family:'Times New Roman'">The consolidated financial statements have been prepared on a historical cost basis, except for financial instruments which are measured at fair value. The consolidated financial statements are presented in U.S. dollars and all values are rounded to the nearest thousand ($ 000s) except when otherwise indicated.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Going concern basis of accounting: </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019, the Company was in compliance with the loan covenants of the agreement with EnTrust with loan balance of $37,000 as of December 31, 2019.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019, the Company reported a working capital deficit of $3,242 and accumulated deficit of $135,648. </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The current low charter rates for drybulk vessels as a result of the coronavirus outbreak and its effects on world trade and financial markets have been adversely affecting the Company. The Company&#8217;s cash flow projections indicated that cash on hand and cash to be generated by operating activities might not be sufficient to cover the liquidity needs, including the debt obligations that become due in the twelve-month period ending following the issuance of these consolidated financial statements and the Company might not be able to meet the minimum liquidity requirements included in the loan agreement with EnTrust at certain measurement dates falling due within the 12 month period from the issuance of these financial statements.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The above conditions raise substantial doubt about the entity&apos;s ability to continue as a going concern. The Company is exploring several alternatives aiming to manage its working capital requirements and other commitments, including drawdown of additional funds available of $11,100 under the facility with Firment Shipping Inc, if needed raising of additional debt and discussions with other financial institutions and private funds to provide the Company with refinancing of the existing indebtedness. With respect to the Convertible Note that matures during March 2021 (Note 11), the Company anticipates that it will be converted to equity and no cash will be required for its repayment. As of December 31, 2019, the balance of the Convertible Note was approximately $3,579, principal and accrued interest.&#160; As of the date of issue of these consolidated financial statements, within the first quarter of 2020, an amount of approximately $1,168, principal and accrued interest, has already been converted to equity (see also Note 22).</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Management expects that the lenders will not demand payment of the loans before their maturity, provided that the Company pays scheduled loan instalments and accumulated interest as they fall due under the existing loan agreements. Management plans to settle loan interest and scheduled loan repayments with cash at hand and cash expected to be generated from the operations and from financing activities including the available line of credit under the facility with Firment Shipping Inc. The Company is dependent upon the continuous support of its shareholder Firment Shipping Inc to continue as a going concern. If for any reason the Company is unable to continue as a going concern, this could have an impact on the Company&#8217;s ability to realize assets at their recognized values and to extinguish liabilities in the normal course of business at the amounts stated in these consolidated financial statements.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Statement of Compliance: </font><font style="font-family:'Times New Roman'">These consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board (&#8220;IASB&#8221;). </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160; Basis of Consolidation:</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> </font><font style="font-family:'Times New Roman'">The consolidated financial statements comprise the financial statements of Globus and its subsidiaries listed in note 1. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">All inter-company balances and transactions have been eliminated upon consolidation. Subsidiaries are fully consolidated from the date on which control is transferred to the Company and cease to be consolidated from the date on which control is transferred out of the Company.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Standards amendments and interpretations:</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#160; </font></p><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The accounting policies adopted are consistent with those of previous financial year except for the following amended IFRS which have been adopted by the Company as of January 1, 2019.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">IFRS 16: Leases</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, i.e. the customer (&#8220;lessee&#8221;) and the supplier (&#8220;lessor&#8221;). 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On transition, the Company has elected to apply the practical expedients available for leases with a remaining lease term of less than one year and leases of low value assets. </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">At transition, the Company identified the rental agreement with Cyberonica S.A., to give rise to a right of use asset and a corresponding liability estimated to approximately $674 as of January 1, 2019, calculated as the present value of minimum future lease payments. The discount rate used is the incremental cost of borrowing, amounting to 8%. In addition, the nature and recognition of expenses related to those leases changed as IFRS 16 replaced the straight-line operating lease expense with a depreciation charge for right-of-use assets and interest expense on lease liabilities. The depreciation charge for right-of-use assets for the year ended December 31, 2019, was approximately $112 and the interest expense on lease liabilities for the same period was approximately $51. As of December 31, 2019, the net carrying amount of the right of use asset was $562.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">For time charters that qualify as leases, the Company is required to disclose lease and non-lease components of lease revenue. The revenue earned under time charters is not negotiated in its two separate components, but as a whole. For purposes of determining the standalone selling price of the vessel lease and technical management service components of the Company&#8217;s time charters, the Company concluded that the residual approach would be the most appropriate method to use given that vessel lease rates are highly variable depending on shipping market conditions, the duration of such charters and the age of the vessel. The Company believes that the standalone transaction price attributable to the technical management service component, including crewing services, is more readily determinable than the price of the lease component and, accordingly, the price of the service component is estimated using data provided by its technical department, which consist of the crew expenses, maintenance and consumable costs and was approximately $9,169 for the year ended December 31, 2019. The lease component that is disclosed then is calculated as the difference between total revenue and the non-lease component revenue and was approximately $6,454 for the year ended December 31, 2019.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">IFRS 9: Prepayment features with negative compensation (Amendment)</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Amendment allows financial assets with prepayment features that permit or require a party to a contract either to pay or receive reasonable compensation for the early termination of the contract (so that, from the perspective of the holder of the asset there may be &#8216;negative compensation&#8217;), to be measured at amortized cost or at fair value through other comprehensive income. Management has assessed that this amendment has no impact on the Company&#8217;s financial position or performance.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">IAS 28: Long-term Interests in Associates and Joint Ventures (Amendments)</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Amendments relate to whether the measurement, in particular impairment requirements, of long-term interests in associates and joint ventures that, in substance, form part of the &#8216;net investment&#8217; in the associate or joint venture should be governed by IFRS 9, IAS 28 or a combination of both. The Amendments clarify that an entity applies IFRS 9 Financial Instruments, before it applies IAS 28, to such long-term interests for which the equity method is not applied. In applying IFRS 9, the entity does not take account of any adjustments to the carrying amount of long- term interests that arise from applying IAS 28. Management has assessed that these amendments have no impact on the Company&#8217;s financial position or performance.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">IFRIC INTERPETATION 23: Uncertainty over Income Tax Treatments </font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of IAS 12. The Interpretation provides guidance on considering uncertain tax treatments separately or together, examination by tax authorities, the appropriate method to reflect uncertainty and accounting for changes in facts and circumstances. Management has assessed that this interpretation has no impact on the Company&#8217;s financial position or performance.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">IAS 19: Plan Amendment, Curtailment or Settlement (Amendments)</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Amendments require entities to use updated actuarial assumptions to determine current service cost and net interest for the remainder of the annual reporting period after a plan amendment, curtailment or settlement has occurred. 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A partial gain or loss is recognized when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. In December 2015 the IASB postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method of accounting. The application of this amendment will have no impact on the financial position or the performance of the Company since the Company is not an investment entity.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Conceptual Framework in IFRS standards</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The IASB issued the revised Conceptual Framework for Financial Reporting on March 29, 2018. The Conceptual Framework sets out a comprehensive set of concepts for financial reporting, standard setting, guidance for preparers in developing consistent accounting policies and assistance to others in their efforts to understand and interpret the standards. IASB also issued a separate accompanying document, Amendments to References to the Conceptual Framework in IFRS Standards, which sets out the amendments to affected standards in order to update references to the revised Conceptual Framework. Its objective is to support transition to the revised Conceptual Framework for companies that develop accounting policies using the Conceptual Framework when no IFRS Standard applies to a particular transaction. 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Management does not expect that these amendments will have an impact on the Company&#8217;s financial position or performance.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of &#8216;material&#8217; (Amendments)</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Amendments are effective for annual periods beginning on or after January 1, 2020, with earlier application permitted. The Amendments clarify the definition of material and how it should be applied. The new definition states that, &#8217;Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity&#8217;. In addition, the explanations accompanying the definition have been improved. The Amendments also ensure that the definition of material is consistent across all IFRS Standards. Management does not expect that these amendments will have an impact on the Company&#8217;s financial position or performance.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Interest Rate Benchmark Reform - IFRS 9, IAS 39 and IFRS 7 (Amendments)</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The amendments are effective for annual periods beginning on or after January 1, 2020 and must be applied retrospectively. Earlier application is permitted. In September 2019, the IASB issued amendments to IFRS 9, IAS 39 and IFRS 7, which concludes phase one of its work to respond to the effects of Interbank Offered Rates (IBOR) reform on financial reporting. Phase two will focus on issues that could affect financial reporting when an existing interest rate benchmark is replaced with a risk-free interest rate (an RFR). The amendments published, deal with issues affecting financial reporting in the period before the replacement of an existing interest rate benchmark with an alternative interest rate and address the implications for specific hedge accounting requirements in IFRS 9 Financial Instruments and IAS 39 Financial Instruments: Recognition and Measurement, which require forward-looking analysis. The amendments provided temporary reliefs, applicable to all hedging relationships that are directly affected by the interest rate benchmark reform, which enable hedge accounting to continue during the period of uncertainty before the replacement of an existing interest rate benchmark with an alternative nearly risk-free interest rate. 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No extra allowance for impairment over these receivables was recognized in opening accumulated deficit at January 1, 2018, on transition to IFRS 9.</font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Estimates and assumptions: </font><font style="font-family:'Times New Roman'">The key assumptions concerning the future and other key sources of estimation uncertainty at the financial position date, that have a significant risk of causing a significant adjustment to the carrying amount of assets and liabilities within the next financial year, are discussed below. </font><font style="font-family:'Times New Roman'">The Company based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:26.35pt; text-align:justify; padding-left:2pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">Carrying amount of vessels, net</font><font style="font-family:'Times New Roman'">: Vessels are stated at cost, less accumulated depreciation </font><font style="font-family:'Times New Roman'">(including depreciation of dry-docking costs and the amortization of the component attributable to favourable or unfavourable lease terms relative to market terms)</font><font style="font-family:'Times New Roman'"> and accumulated impairment losses. The estimates and assumptions that have the most significant effect on the vessels carrying amount are estimations in relation to useful lives of vessels, their residual value and estimated dry docking dates. The key assumptions used are further explained in notes 2.9 to 2.13. </font></li></ul><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-14.15pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:26.35pt; text-align:justify; padding-left:2pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">Impairment of Non-Financial Assets</font><font style="font-family:'Times New Roman'">: The Company&#8217;s impairment test for non-financial assets is based on the assets&#8217; recoverable amount, where the recoverable amount is the greater of fair value less costs to sell and value in use. The Company engaged independent valuation specialists to determine the fair value of non-financial assets as at December 31, 2019. The value in use calculation is based on a discounted cash flow model. The value in use calculation is most sensitive to the discount rate used for the discounted cash flow model as well as the expected net cash flows. 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Estimating fair value for share-based payment transactions may require determination of the most appropriate valuation model, which is depended on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including, expected volatility and dividend yield and making assumptions about them. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed in note 12. </font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> 2.4&#160;&#160;&#160;&#160; Accounting for revenue and related expenses:</font><font style="font-family:'Times New Roman'"> The Company generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered using time charters and bareboat, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. If a time charter agreement exists and collection of the related revenue is reasonably assured, revenue is recognised on a straight-line basis over the period of the time charter. Such revenues are treated in accordance with IFRS 16 and the Company is required to disclose lease and non-lease components of lease revenue as explained in note 2.2 above. Associated voyage expenses are recognised on a pro-rata basis over the duration of the period of the time charter. Deferred revenue relates to cash received prior to the financial position date and is related to revenue earned after such date. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Interest income</font><font style="font-family:'Times New Roman'">: interest income is recognised as interest on an accrual basis.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Voyage expenses</font><font style="font-family:'Times New Roman'">: Voyage expenses primarily consisting of port, canal and bunker expenses that are unique to a particular charter under time charter arrangements are paid by the charterer. Furthermore, voyage expenses include brokerage commission on revenue paid by the Company. Voyage expenses are accounted for on an accrual basis. Under a bareboat charter, the charterer assumes responsibility for all voyage expenses and risk of operation.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Vessel operating expenses</font><font style="font-family:'Times New Roman'">:&#160; Vessel operating costs include crew costs, provisions, deck and engine stores, lubricating oil,&#160;&#160; insurance, maintenance and repairs. Under bareboat charter arrangements, these expenses are paid by the charterer and by the Company under time charter and voyage charter arrangements. Vessel operating expenses are accounted for on an accrual basis. Under a bareboat charter, the charterer assumes responsibility for all vessel operating expenses and risk of operation.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.5&#160;&#160;&#160;&#160;&#160;&#160; Foreign currency translation:</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> </font><font style="font-family:'Times New Roman'">The functional currency of Globus and its subsidiaries is the U.S. dollar, which is also the </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">presentation currency of the Company, since the Company&#8217;s vessels operate in international shipping markets, whereby the U.S. dollar is the currency used for transactions. Transactions involving other currencies during the period are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At the financial position dates, monetary assets and liabilities, which are denominated in currencies other than the U.S. dollar, are translated into the functional currency using the period-end exchange rate. Gains or losses resulting from foreign currency transactions are included in foreign exchange gains/(losses), net in the consolidated statement of comprehensive loss. </font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold"> 2.6</font><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold">Cash and cash equivalents:</font><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold; font-style:italic">&#160; </font><font style="font-family:'Times New Roman'; font-size:9pt">The Company considers highly liquid investments such as time deposits and certificates of</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; deposit with original maturity of three months or less to be cash and cash equivalents.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold">2.7&#160;&#160;&#160;&#160;&#160;&#160; Trade accounts receivable, net</font><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold; font-style:italic">: </font><font style="font-family:'Times New Roman'; font-size:9pt">The amount shown as trade accounts receivable at each financial position date includes estimated recoveries from charterers for hire, freight and demurrage billings, net of an allowance for doubtful accounts. Trade accounts receivable without a significant financing component are initially measured at their transaction price and subsequently</font><font> </font><font style="font-family:'Times New Roman'; font-size:9pt">measured at amortized cost less impairment losses, which are recognized in the consolidated statement of comprehensive loss. At each financial position date, all potentially uncollectible accounts are assessed individually for the purpose of determining the appropriate allowance for doubtful accounts. The provision for doubtful accounts at December 31, 2019 was $23 (2018: $68). </font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.8&#160;&#160;&#160;&#160;&#160; Inventories:</font><font style="font-family:'Times New Roman'"> Inventories consist of lubricants, bunkers and gas cylinders and are stated at the lower of cost and net realisable value. 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Subsequent expenditures for conversions and major improvements are also capitalised when the recognition criteria are met. Otherwise these amounts are charged to expenses as incurred. </font></p></div> <div class="Section1"><h1 style="margin-top:0pt; margin-left:30.05pt; margin-bottom:0pt; text-indent:-30.05pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">2.10&#160;&#160; Deferred dry-docking costs: </font><font style="font-family:'Times New Roman'; font-weight:normal">Vessels are required to be dry-docked for major repairs and maintenance that cannot be performed while the vessels are operating. Dry-dockings occur approximately every 2.5 years. The costs associated with the dry-dockings are capitalised and depreciated on a straight-line basis over the period between dry-dockings, to a maximum of 2.5 years.</font><font style="font-family:'Times New Roman'">&#160; </font><font style="font-family:'Times New Roman'; font-weight:normal">At the date of acquisition of a vessel, management estimates the component of the cost that corresponds to the economic benefit to be derived until the first scheduled dry-docking of the vessel under the ownership of the Company and this component is depreciated on a straight-line basis over the remaining period through the estimated dry-docking date.</font></h1></div> <div class="Section1"><p style="margin-top:0pt; margin-left:30.05pt; margin-bottom:0pt; text-indent:-30.05pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.11</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'; font-weight:bold">Depreciation</font><font style="font-family:'Times New Roman'; font-weight:bold">:</font><font style="font-family:'Times New Roman'"> The cost of each of the Company&#8217;s vessels is depreciated on a straight-line basis over each vessel&#8217;s remaining useful economic life, after considering the estimated residual value of each vessel, beginning when the vessel is ready for its intended use. Management estimates that the useful life of new vessels is 25 years, which is consistent with industry practice. The residual value of a vessel is the product of its lightweight tonnage and estimated scrap value per lightweight ton. The residual values and useful lives are reviewed at each reporting date and adjusted prospectively. During the third quarter of 2017, the Company adjusted the scrap rate from $200/ton to $250/ton due to the increased scrap rates worldwide. This resulted to a decrease of $86 to the depreciation charge included in the consolidated statement of comprehensive loss for 2017. During the first quarter of 2018, the Company adjusted the scrap rate from $250/ton to $300/ton due to the increased scrap rates worldwide. This resulted to a decrease of $178 to the depreciation charge included in the consolidated statement of comprehensive loss for 2018. During 2019 the Company maintained the same scrap rate.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.12&#160;&#160;&#160; Amortization of lease component:</font><font style="font-family:'Times New Roman'"> When the Company acquires a vessel subject to an operating lease, it amortizes the amount reflected in the cost of that vessel that is attributable to favourable or unfavourable lease terms relevant to market terms, over the remaining term of the lease</font><font style="font-family:'Times New Roman'; background-color:#ffffff">. The amortization is included in the line &#8220;amortization</font><font style="font-family:'Times New Roman'"> of fair value of time charter attached to vessels&#8221; in the income statement component of the consolidated statement of comprehensive loss.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.13&#160;&#160; Impairment of non-financial assets:</font><font style="font-family:'Times New Roman'"> The Company assesses at each reporting date whether there is an indication that a vessel may be impaired. 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That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the consolidated statement of comprehensive loss. After such a reversal, the depreciation charge is adjusted in future periods to allocate the asset&#8217;s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life (refer to note 5).</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.14&#160;&#160; </font><font style="font-family:'Times New Roman'; font-weight:bold">Long-term debt</font><font style="font-family:'Times New Roman'; font-weight:bold">:</font><font style="font-family:'Times New Roman'"> Long-term debt is initially recognised at the fair value of the consideration received net of financing costs directly attributable to the borrowing.&#160; After initial recognition, long-term debt is subsequently measured at amortized cost using the effective interest rate method.&#160; Amortized cost is calculated by taking into account any financing costs and any discount or premium on settlement. 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Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period the repayment or refinancing is made. </font><font style="font-family:'Times New Roman'">For the year ended December 31, 2019, the Company deferred financing costs of $880, which relate to the costs incurred for the new loan agreement with EnTrust Global&#8217;s Blue Ocean Fund (see Note 11 for more details). For the year ended December 31, 2018, the Company deferred financing costs of $253, which relate to the costs incurred for the new loan agreement with Macquarie Bank International Limited (see Note 11 for more details). For the year ended December 31, 2017, the Company did not incur any financing costs.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2</font><font style="font-family:'Times New Roman'; font-weight:bold">.16&#160;&#160;&#160; Borrowing costs:</font><font style="font-family:'Times New Roman'; font-weight:bold"> </font><font style="font-family:'Times New Roman'">Borrowing costs consist of interest and other costs that the Company incurs in connection with the borrowing of funds.</font><font style="font-family:'Times New Roman'; font-weight:bold"> </font><font style="font-family:'Times New Roman'">Borrowing costs are expensed to the income statement component of the consolidated statement of comprehensive loss as incurred under &#8220;interest expense and finance costs&#8221; except borrowing costs that relate to a qualifying asset. A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use. Borrowing costs that relate to qualifying assets are capitalised.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.17&#160;&#160;&#160;&#160;&#160; Operating segment:</font><font style="font-family:'Times New Roman'"> The Company reports financial information and evaluates its operations by charter revenues and not by other factors such as length of ship employment for its customers i.e., spot or time charters or type of vessel. The Company does not use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does not identify expenses, profitability or other financial information for these charters. 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 the Company has determined that it operates as one operating segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information is impracticable. </font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.18&#160;&#160; Provisions and contingencies: </font><font style="font-family:'Times New Roman'">Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and, a reliable estimate of the amount of the obligation can be made. </font><font style="font-family:'Times New Roman'">Provisions are reviewed at each financial position date and adjusted to reflect the present value of the expenditure expected to be required to settle the obligation. Contingent liabilities are not recognized in the consolidated financial statements but are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote, in which case there is no disclosure. Contingent assets are not recognized in the consolidated financial statements but are disclosed when an inflow of economic benefits is probable.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.19&#160;&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'; font-weight:bold">Pension and retirement benefit obligations: </font><font style="font-family:'Times New Roman'">The crew on board the vessels owned by the ship-owning companies owned by Globus is under short-term contracts (usually up to nine months) and, accordingly, the Company is not liable for any pension or post-retirement benefits payable to the crew.</font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160; Provision for employees&#8217; severance compensation: </font><font style="font-family:'Times New Roman'">The Greek employees, of the Company are bound by the Greek Labour law. Accordingly, compensation is payable to such employees upon dismissal or retirement. The amount of compensation is based on the number of years of service and the amount of remuneration at the date of dismissal or retirement. If the employee remains in the employment of the Company until normal retirement age, they are entitled to retirement compensation which is equal to 40% of the compensation amount that would be payable if they were dismissed at that time. The number of employees that will remain with the Company until retirement age is not known. The Company has provided for the employees&#8217; retirement compensation liability which amounted to $26 as at December 31, 2019 (2018: $87), calculated by using the Projected Unit Credit Method and disclosed under non-current liabilities in the consolidated statement of financial position.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.20&#160;&#160; Offsetting of financial assets and liabilities: </font><font style="font-family:'Times New Roman'">Financial assets and liabilities are offset and the net amount is presented in the consolidated financial position only when the Company has a legally enforceable right to set off the recognised amounts and intend either to settle such asset and liability on a net basis or to realize the asset and settle the liability simultaneously.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.21&#160;&#160;&#160; Financial assets and liabilities:</font></p><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">i.&#160;&#160;&#160; Classification and measurement of financial assets and financial liabilities</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On January 1, 2018, the Company adopted IFRS 9. IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of financial liabilities. However, it eliminates the previous IAS 39 categories for financial assets of held to maturity, loans and receivables and available for sale.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Under IFRS 9, on initial recognition, a financial asset is classified as measured at: amortized cost; fair value through other comprehensive income (FVOCI) - debt investment; FVOCI - equity investment; or fair value through profit or loss (FVTPL). The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">it is held within a business model whose objective is to hold assets to collect contractual cash flows; and</font></li><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and</font></li><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition.</font></p><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">ii.&#160;&#160;&#160; Impairment of financial assets</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">IFRS 9 replaces the &apos;incurred loss&apos; model in IAS 39 with an &apos;expected credit loss&apos; (ECL) model. The new impairment model applies to financial assets measured at amortized cost, contract assets and debt investments at FVOCI, but not to investments in equity instruments. Under IFRS 9, credit losses are recognized earlier than under IAS 39.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The financial assets at amortized cost consist of trade accounts receivable and cash and cash equivalents.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Under IFRS 9, loss allowances are measured on either of the following bases:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">12-month ECLs: these are ECLs that result from possible default events within the 12 months after the reporting date; and</font></li><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument.</font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analyses, based on the Company&apos;s historical experience and informed credit assessment and including forward-looking information.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company assumes that the credit risk on a financial asset has increased significantly if it is more than 180 days past due.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company considers a financial asset to be in default when:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">the counterparty is unlikely to pay its contractual obligations to the Company in full, without recourse by the Company to actions such as realising security (if any is held); or</font></li><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">the financial asset is more than 1 year past due.</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between cash flows due to the entity in accordance with the contract and cash flows that the Company expects to receive). ECLs are discounted at the effective interest rate of the financial asset.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. The Company has determined that the application of IFRS 9&apos;s impairment requirements at January 1, 2018, has not resulted to any additional impairment allowance.</font></p><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">iii.&#160;&#160; Derecognition of financial assets </font></p><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognised where:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-top:6pt; margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">the rights to receive cash flows from the asset have expired;</font></li><li style="margin-top:6pt; margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">the Company retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a &#8220;pass-through&#8221; arrangement; or </font></li><li style="margin-top:6pt; margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">the Company has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the assets, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset.</font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Where the Company has transferred its rights to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Company&#8217;s continuing involvement in the asset. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">iv. 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The Company recognizes lease liabilities to make payments and right of use assets representing the right of use of the underlying asset. The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; letter-spacing:-0.1pt">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; letter-spacing:-0.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including any in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and any amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; letter-spacing:-0.1pt">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.23&#160;&#160; Leases &#8211; where an entity is the lessor: </font><font style="font-family:'Times New Roman'">Leases of vessels where the entity does not transfer substantially all the risks and benefits of ownership of the vessel are classified as operating leases. 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margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.29</font><font style="font-family:'Times New Roman'">&#160;&#160; </font><font style="font-family:'Times New Roman'; font-weight:bold">Current versus non-current classification:</font><font style="font-family:'Times New Roman'"> The Company presents assets and liabilities in the consolidated statement of financial position based on current/non-current classification. </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; An asset as current when it is:</font></p><p style="margin-top:0pt; 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margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All other assets are classified as non-current. </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A liability is current:</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:49.65pt; text-indent:-21.3pt; text-align:justify; font-family:serif; font-size:9pt; list-style-position:inside"><font style="font:7pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'">It is expected to be settled in a normal operating cycle</font></li><li style="margin-left:49.65pt; text-indent:-21.3pt; text-align:justify; font-family:serif; font-size:9pt; list-style-position:inside"><font style="font:7pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'">It is held primarily for the purpose of trading </font></li><li style="margin-left:49.65pt; text-indent:-21.3pt; text-align:justify; font-family:serif; font-size:9pt; list-style-position:inside"><font style="font:7pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; 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margin-left:36pt; border-collapse:collapse"><tr style="height:12.9pt"><td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Increase/(Decrease) in basis point</font></p></td><td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Effect on loss</font></p></td></tr><tr style="height:17.2pt"><td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:14.65pt"><td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">$ Libor</font></p></td><td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">+15</font></p></td><td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">(55)</font></p></td></tr><tr style="height:26.35pt"><td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> 2018</font></p></td><td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:15.9pt"><td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">$ Libor</font></p></td><td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">+15</font></p></td><td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">(60)</font></p></td></tr><tr style="height:26.35pt"><td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">-20</font></p></td><td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">80</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:460.25pt; margin-left:36pt; border-collapse:collapse"><tr><td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Change in rate</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Effect on loss </font></p></td></tr><tr><td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">+10%</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(255)</font></p></td></tr><tr><td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-10%</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">255</font></p></td></tr><tr><td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">+10%</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(284)</font></p></td></tr><tr style="height:15.05pt"><td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-10%</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">284</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:487.7pt; border-collapse:collapse"><tr style="height:13.75pt"><td style="width:167.65pt; border:1pt solid #ffffff; padding-right:4.9pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:46.35pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:46.35pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">%</font></p></td><td style="width:46.35pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:37.8pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">%</font></p></td><td style="width:36.95pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:29.65pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">%</font></p></td></tr><tr style="height:13.75pt"><td style="width:167.65pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">A</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3,476</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">22%</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3,679</font></p></td><td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">21%</font></p></td><td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,404</font></p></td><td style="width:29.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">10%</font></p></td></tr><tr style="height:13.75pt"><td style="width:167.65pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">B</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; - </font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; - </font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,873</font></p></td><td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">17%</font></p></td><td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:29.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:13.75pt"><td style="width:167.65pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">C</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,849</font></p></td><td style="width:29.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">13%</font></p></td></tr><tr style="height:13.75pt"><td style="width:167.65pt; border-right:1pt solid #ffffff; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">D</font></p></td><td style="width:46.35pt; border-right:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,459</font></p></td><td style="width:29.65pt; border-right:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">11%</font></p></td></tr><tr style="height:13.75pt"><td style="width:167.65pt; border-right:1pt solid #ffffff; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other </font></p></td><td style="width:46.35pt; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">12,147</font></p></td><td style="width:46.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">78%</font></p></td><td style="width:46.35pt; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">10,802</font></p></td><td style="width:37.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">62%</font></p></td><td style="width:36.95pt; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">9,140</font></p></td><td style="width:29.65pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">66%</font></p></td></tr><tr style="height:13.75pt"><td style="width:167.65pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:46.35pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">15,623</font></p></td><td style="width:46.35pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">100%</font></p></td><td style="width:46.35pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">17,354</font></p></td><td style="width:37.8pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">100%</font></p></td><td style="width:36.95pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">13,852</font></p></td><td style="width:29.65pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">100%</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Adjusted book capitalization refers to total equity adjusted for the market value of the Company&#8217;s vessels. The Company&#8217;s policy is to keep the ratio described above between a range of 60% - 80%.</font></p><table cellspacing="0" cellpadding="0" style="width:523.8pt; margin-left:7.1pt; border-collapse:collapse"><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:160.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> December 31,</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:83pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:66.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Interest bearing loans</font></p></td><td style="width:83pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">38,487</font></p></td><td style="width:66.3pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">37,163</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Cash (including restricted cash)</font></p></td><td style="width:83pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">(4,801)</font></p></td><td style="width:66.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">(1,396)</font></p></td></tr><tr style="height:12.2pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net debt</font></p></td><td style="width:83pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">33,686</font></p></td><td style="width:66.3pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">35,767</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Equity</font></p></td><td style="width:83pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">9,879</font></p></td><td style="width:66.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">41,050</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Adjustment for the market value of vessels (charter-free)</font></p></td><td style="width:83pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">(2,902)</font></p></td><td style="width:66.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">(27,500)</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Adjusted book capitalization</font></p></td><td style="width:83pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">6,977</font></p></td><td style="width:66.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">13,550</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Adjusted book capitalization plus net debt</font></p></td><td style="width:83pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">40,663</font></p></td><td style="width:66.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">49,317</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Ratio</font></p></td><td style="width:83pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">83%</font></p></td><td style="width:66.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">73%</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company&#8217;s objective is to maintain the ratio of net debt to adjusted capitalization plus net debt to the range of 60%- 80%. Net debt as calculated above is not consistent with the International Financial Reporting Standards (&#8220;IFRS&#8221;) definition of debt. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The following reconciliation is provided:</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:537.95pt; border-collapse:collapse"><tr style="height:12.9pt"><td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:160.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31,</font></p></td></tr><tr style="height:12.9pt"><td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:82.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:67.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td></tr><tr style="height:12.9pt"><td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Debt in accordance with IFRS (long and short-term borrowings)</font></p></td><td style="width:82.5pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">37,746</font></p></td><td style="width:67.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">36,868</font></p></td></tr><tr style="height:12.9pt"><td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Add: Unamortized debt discount</font></p></td><td style="width:82.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">741</font></p></td><td style="width:67.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">295</font></p></td></tr><tr style="height:12.15pt"><td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:82.5pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">38,487</font></p></td><td style="width:67.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">37,163</font></p></td></tr><tr style="height:12.9pt"><td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Less: Cash and bank balances and bank deposits (including restricted cash)</font></p></td><td style="width:82.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">4,801</font></p></td><td style="width:67.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">1,396</font></p></td></tr><tr style="height:12.9pt"><td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Net debt</font></p></td><td style="width:82.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">33,686</font></p></td><td style="width:67.4pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">35,767</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:434.1pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:17.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year ended December 31, 2019</font><font style="font-family:'Times New Roman'; font-weight:bold">*</font></p></td><td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Less than 3 months</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3 to 12 months</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1 to 5 years</font></p></td><td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">More than 5 years</font></p></td><td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:16.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Long-term debt</font></p></td><td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,674</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3,776</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">42,247</font></p></td><td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">50,697</font></p></td></tr><tr style="height:16.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> Lease liabilities</font></p></td><td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">126</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">106</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">567</font></p></td><td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1</font></p></td><td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">800</font></p></td></tr><tr style="height:17.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accrued liabilities and other payables</font></p></td><td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,971</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,971</font></p></td></tr><tr style="height:17.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Trade payables</font></p></td><td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,735</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,735</font></p></td></tr><tr style="height:17.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:61.5pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">11,506</font></p></td><td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,882</font></p></td><td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">42,814</font></p></td><td style="width:52.1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1</font></p></td><td style="width:33.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">58,203</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; * This table includes both </font><font style="font-family:'Times New Roman'">the derivative component and the non-derivative host </font><font style="font-family:'Times New Roman'">of the hybrid agreements of both the Firment Shipping Credit Facility and the Convertible Note (see note 11)</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:434.1pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:17.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year ended December 31, 2018</font><font style="font-family:'Times New Roman'; font-weight:bold">*</font></p></td><td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Less than 3 months</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3 to 12 months</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1 to 5 years</font></p></td><td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">More than 5 years</font></p></td><td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:16.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Long-term debt</font></p></td><td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,720</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">24,502</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">16,</font><font style="font-family:'Times New Roman'">465</font></p></td><td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">42,</font><font style="font-family:'Times New Roman'">687</font></p></td></tr><tr style="height:16.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accrued liabilities and other payables</font></p></td><td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,319</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,319</font></p></td></tr><tr style="height:17.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Trade payables</font></p></td><td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">6,433</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">6,433</font></p></td></tr><tr style="height:17.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:61.5pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">9,472</font></p></td><td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">24,502</font></p></td><td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">16,46</font><font style="font-family:'Times New Roman'; font-weight:bold">5</font></p></td><td style="width:52.1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:33.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">50,43</font><font style="font-family:'Times New Roman'; font-weight:bold">9</font></p></td></tr></table></div><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; * This table includes both </font><font style="font-family:'Times New Roman'">the derivative component and the non-derivative host </font><font style="font-family:'Times New Roman'">of the hybrid agreement with Firment Shipping Credit Facility (see note 11)</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; line-height:9pt"><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold">20&#160;&#160;&#160;&#160;&#160;&#160;&#160; Financial risk management objectives and policies</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; line-height:9pt"><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; line-height:9pt"><font style="font-family:'Times New Roman'; font-size:9pt">The Company&#8217;s financial liabilities are long term borrowings, trade and other payables and the financial derivative instrument. The main purpose of these financial liabilities is to assist in the financing of Company&#8217;s operations and the acquisition of vessels. The Company has various financial assets such as trade accounts receivable and cash and short-term deposits, which arise directly from its operations. The main risks arising from the Company&#8217;s financial instruments are cash flow interest rate risk, credit risk, liquidity risk and foreign currency risk.&#160;&#160;&#160; </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Interest rate risk</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company&#8217;s exposure to the risk of changes in market interest rates relates primarily to the Company&#8217;s long-term debt obligations with floating interest rates. As of December 31, 2018, 6% of the Company&#8217;s long term borrowings were at a fixed rate of interest and as of December 31, 2019, 10% of the Company&#8217;s long term borrowings were at a fixed rate of interest.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Interest rate risk table</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The following table demonstrates the sensitivity to a reasonably possible change in interest rates, with all other variables held constant, of the Company&#8217;s loss. </font></p><table cellspacing="0" cellpadding="0" style="width:476.75pt; margin-left:36pt; border-collapse:collapse; text-align:left"><tr style="height:12.9pt"><td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_60c0f93a3a244c86b4ed6e9511744298"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Increase/(Decrease) in basis point</font></p></td><td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Effect on loss</font></p></td></tr><tr style="height:17.2pt"><td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:14.65pt"><td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">$ Libor</font></p></td><td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">+15</font></p></td><td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">(55)</font></p></td></tr><tr style="height:26.35pt"><td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> 2018</font></p></td><td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:15.9pt"><td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">$ Libor</font></p></td><td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">+15</font></p></td><td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">(60)</font></p></td></tr><tr style="height:26.35pt"><td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">-20</font></p></td><td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">80</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Foreign currency risk</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The following table demonstrates the sensitivity to a reasonably possible change in the Euro exchange rate, with all other variables held constant, to the Company&#8217;s loss due to changes in the fair value of monetary assets and liabilities. The Company&#8217;s exposure to foreign currency changes for all other currencies as of December 31, 2019 and 2018, was not material.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:460.25pt; margin-left:36pt; border-collapse:collapse; text-align:left"><tr><td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><a name="DM_MAP_56741cda1bfc4434819303d3e0ec233a"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Change in rate</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Effect on loss </font></p></td></tr><tr><td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">+10%</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(255)</font></p></td></tr><tr><td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-10%</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">255</font></p></td></tr><tr><td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">+10%</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(284)</font></p></td></tr><tr style="height:15.05pt"><td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-10%</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">284</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-7.65pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Credit risk</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company operates only with recognised, creditworthy third parties including major charterers, commodity traders and government owned entities. Receivable balances are monitored on an ongoing basis with the result that the Company&#8217;s exposure to impairment on trade accounts receivable is not significant. The maximum exposure is the carrying value of trade accounts receivable as indicated in the consolidated statement of financial position. With respect to the credit risk arising from other financial assets of the Company such as cash and cash equivalents, the Company&#8217;s exposure to credit risk arises from default of the counter parties, which are recognised financial institutions. The Company performs annual evaluations of the relative credit standing of these counter parties. The exposure of these financial instruments is equal to their carrying amount as indicated in the consolidated statement of financial position. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Concentration of credit risk table:</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The following table provides information with respect to charterers who individually, accounted for approximately more than 10% of the Company&#8217;s revenue for the years ended December 31, 2019, 2018 and 2017:</font></p><table cellspacing="0" cellpadding="0" style="width:487.7pt; border-collapse:collapse; text-align:left"><tr style="height:13.75pt"><td style="width:167.65pt; border:1pt solid #ffffff; padding-right:4.9pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><a name="DM_MAP_85f2ca5ec362411abd4f0b83a4894f67"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></a></p></td><td style="width:46.35pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:46.35pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">%</font></p></td><td style="width:46.35pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:37.8pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">%</font></p></td><td style="width:36.95pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:29.65pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">%</font></p></td></tr><tr style="height:13.75pt"><td style="width:167.65pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">A</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3,476</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">22%</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3,679</font></p></td><td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">21%</font></p></td><td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,404</font></p></td><td style="width:29.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">10%</font></p></td></tr><tr style="height:13.75pt"><td style="width:167.65pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">B</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; - </font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; - </font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,873</font></p></td><td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">17%</font></p></td><td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:29.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:13.75pt"><td style="width:167.65pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">C</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,849</font></p></td><td style="width:29.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">13%</font></p></td></tr><tr style="height:13.75pt"><td style="width:167.65pt; border-right:1pt solid #ffffff; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">D</font></p></td><td style="width:46.35pt; border-right:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,459</font></p></td><td style="width:29.65pt; border-right:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">11%</font></p></td></tr><tr style="height:13.75pt"><td style="width:167.65pt; border-right:1pt solid #ffffff; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other </font></p></td><td style="width:46.35pt; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">12,147</font></p></td><td style="width:46.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">78%</font></p></td><td style="width:46.35pt; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">10,802</font></p></td><td style="width:37.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">62%</font></p></td><td style="width:36.95pt; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">9,140</font></p></td><td style="width:29.65pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">66%</font></p></td></tr><tr style="height:13.75pt"><td style="width:167.65pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:46.35pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">15,623</font></p></td><td style="width:46.35pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">100%</font></p></td><td style="width:46.35pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">17,354</font></p></td><td style="width:37.8pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">100%</font></p></td><td style="width:36.95pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">13,852</font></p></td><td style="width:29.65pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">100%</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-7.65pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Liquidity risk</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company mitigates liquidity risk by managing cash generated by its operations, applying cash collection targets appropriately. The vessels are normally chartered under time-charter, bareboat and spot agreements where, as per the industry practice, the charterer pays for the transportation service 15 days in advance, supporting the management of cash generation. Vessel acquisitions are carefully controlled, with authorisation limits operating up to board level and cash payback periods applied as part of the investment appraisal process. In this way, the Company maintains a good credit rating to facilitate fund raising. In its funding strategy, the Company&#8217;s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans. Excess cash used in managing liquidity is only invested in financial instruments exposed to insignificant risk of changes in market value or are being placed on interest bearing deposits with maturities fixed usually for no more than 3 months. The Company monitors its risk relating to the shortage of funds by considering the maturity of its financial liabilities and its projected cash flows from operations.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The table below summarises the maturity profile of the Company&#8217;s financial liabilities (including interest) at December 31, 2019 and 2018, assuming that the lenders will not demand the repayment of the loans before their maturity, based on contractual undiscounted cash flows. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_b0c79c7bb3ef4393a92012617b849373"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:434.1pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:17.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year ended December 31, 2019</font><font style="font-family:'Times New Roman'; font-weight:bold">*</font></p></td><td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Less than 3 months</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3 to 12 months</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1 to 5 years</font></p></td><td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">More than 5 years</font></p></td><td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:16.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Long-term debt</font></p></td><td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,674</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3,776</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">42,247</font></p></td><td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">50,697</font></p></td></tr><tr style="height:16.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> Lease liabilities</font></p></td><td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">126</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">106</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">567</font></p></td><td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1</font></p></td><td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">800</font></p></td></tr><tr style="height:17.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accrued liabilities and other payables</font></p></td><td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,971</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,971</font></p></td></tr><tr style="height:17.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Trade payables</font></p></td><td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,735</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,735</font></p></td></tr><tr style="height:17.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:61.5pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">11,506</font></p></td><td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,882</font></p></td><td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">42,814</font></p></td><td style="width:52.1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1</font></p></td><td style="width:33.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">58,203</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; * This table includes both </font><font style="font-family:'Times New Roman'">the derivative component and the non-derivative host </font><font style="font-family:'Times New Roman'">of the hybrid agreements of both the Firment Shipping Credit Facility and the Convertible Note (see note 11)</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:434.1pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:17.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year ended December 31, 2018</font><font style="font-family:'Times New Roman'; font-weight:bold">*</font></p></td><td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Less than 3 months</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3 to 12 months</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1 to 5 years</font></p></td><td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">More than 5 years</font></p></td><td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:16.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Long-term debt</font></p></td><td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,720</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">24,502</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">16,</font><font style="font-family:'Times New Roman'">465</font></p></td><td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">42,</font><font style="font-family:'Times New Roman'">687</font></p></td></tr><tr style="height:16.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accrued liabilities and other payables</font></p></td><td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,319</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,319</font></p></td></tr><tr style="height:17.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Trade payables</font></p></td><td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">6,433</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">6,433</font></p></td></tr><tr style="height:17.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:61.5pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">9,472</font></p></td><td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">24,502</font></p></td><td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">16,46</font><font style="font-family:'Times New Roman'; font-weight:bold">5</font></p></td><td style="width:52.1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:33.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">50,43</font><font style="font-family:'Times New Roman'; font-weight:bold">9</font></p></td></tr></table></div><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; * This table includes both </font><font style="font-family:'Times New Roman'">the derivative component and the non-derivative host </font><font style="font-family:'Times New Roman'">of the hybrid agreement with Firment Shipping Credit Facility (see note 11)</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Capital management</font></p><p style="margin-top:0pt; margin-left:96.4pt; margin-bottom:0pt; text-indent:-60.4pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The primary objective of the Company&#8217;s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value. The Company manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares as well as managing the outstanding level of debt. Lenders may impose capital structure or solvency ratios (refer to note 11). No changes were made in the objectives, policies or processes during the years ended December 31, 2019 and 2018. The Company monitors capital using the ratio of net debt to book capitalisation adjusted for the market value of the Company&#8217;s vessels plus net debt. </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company includes within net debt, interest bearing loans gross of unamortized debt discount, less cash. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_909cb08eff514a7dab2982d9ed6baf99"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Adjusted book capitalization refers to total equity adjusted for the market value of the Company&#8217;s vessels. The Company&#8217;s policy is to keep the ratio described above between a range of 60% - 80%.</font></p><table cellspacing="0" cellpadding="0" style="width:523.8pt; margin-left:7.1pt; border-collapse:collapse; text-align:left"><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:160.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> December 31,</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:83pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:66.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Interest bearing loans</font></p></td><td style="width:83pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">38,487</font></p></td><td style="width:66.3pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">37,163</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Cash (including restricted cash)</font></p></td><td style="width:83pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">(4,801)</font></p></td><td style="width:66.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">(1,396)</font></p></td></tr><tr style="height:12.2pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net debt</font></p></td><td style="width:83pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">33,686</font></p></td><td style="width:66.3pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">35,767</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Equity</font></p></td><td style="width:83pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">9,879</font></p></td><td style="width:66.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">41,050</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Adjustment for the market value of vessels (charter-free)</font></p></td><td style="width:83pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">(2,902)</font></p></td><td style="width:66.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">(27,500)</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Adjusted book capitalization</font></p></td><td style="width:83pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">6,977</font></p></td><td style="width:66.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">13,550</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Adjusted book capitalization plus net debt</font></p></td><td style="width:83pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">40,663</font></p></td><td style="width:66.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">49,317</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Ratio</font></p></td><td style="width:83pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">83%</font></p></td><td style="width:66.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">73%</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company&#8217;s objective is to maintain the ratio of net debt to adjusted capitalization plus net debt to the range of 60%- 80%. Net debt as calculated above is not consistent with the International Financial Reporting Standards (&#8220;IFRS&#8221;) definition of debt. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The following reconciliation is provided:</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:537.95pt; border-collapse:collapse; text-align:left"><tr style="height:12.9pt"><td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:160.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31,</font></p></td></tr><tr style="height:12.9pt"><td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:82.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:67.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td></tr><tr style="height:12.9pt"><td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Debt in accordance with IFRS (long and short-term borrowings)</font></p></td><td style="width:82.5pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">37,746</font></p></td><td style="width:67.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">36,868</font></p></td></tr><tr style="height:12.9pt"><td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Add: Unamortized debt discount</font></p></td><td style="width:82.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">741</font></p></td><td style="width:67.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">295</font></p></td></tr><tr style="height:12.15pt"><td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:82.5pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">38,487</font></p></td><td style="width:67.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">37,163</font></p></td></tr><tr style="height:12.9pt"><td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Less: Cash and bank balances and bank deposits (including restricted cash)</font></p></td><td style="width:82.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">4,801</font></p></td><td style="width:67.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">1,396</font></p></td></tr><tr style="height:12.9pt"><td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Net debt</font></p></td><td style="width:82.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">33,686</font></p></td><td style="width:67.4pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">35,767</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:472.25pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Carrying amount</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:157.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair value</font></p></td></tr><tr style="height:27.7pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">(in thousands of USD)</font></p></td><td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Financial assets</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 1</font></p></td><td style="width:33.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 2</font></p></td><td style="width:28.9pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 3</font></p></td><td style="width:28.75pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31, 2019</font></p></td><td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Financial assets measured at fair value</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Vessels (see also note 5)</font></p></td><td style="width:79.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">37,346</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:33.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">37,346</font></p></td><td style="width:33.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:28.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:28.75pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,346</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:79.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,346</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:33.85pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:33.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:28.9pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:28.75pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Other financial liabilities</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Financial liabilities measured at fair value</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Derivative financial instruments</font></p></td><td style="width:79.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">622</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">622</font></p></td><td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">622</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">622</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:10.6pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Financial liabilities not measured at fair value</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Long-term borrowings</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">38,487</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">39,853</font></p></td><td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">39,853</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; border-top:1pt solid #002060; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">38,487</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:474.85pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Carrying amount</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:160.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair value</font></p></td></tr><tr style="height:27.7pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">(in thousands of USD)</font></p></td><td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Other financial liabilities</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 1</font></p></td><td style="width:33.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 2</font></p></td><td style="width:34.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 3</font></p></td><td style="width:25.45pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31, 2018</font></p></td><td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Financial liabilities measured at fair value</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Derivative financial instruments</font></p></td><td style="width:79.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">831</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">831</font></p></td><td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">831</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">831</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:10.6pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Financial liabilities not measured at fair value</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Long-term borrowings</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">37,163</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">37,030</font></p></td><td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,030</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; border-top:1pt solid #002060; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,163</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:471pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:14.25pt"><td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; text-decoration:underline">Financial instruments measured at fair value</font></p></td><td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:22.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:34.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:31.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.55pt; 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padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:3.4pt"><td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Vessels</font></p></td><td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:124.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Quoted (unadjusted) prices in active markets for identical assets less costs of disposal</font></p></td><td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:3.4pt"><td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:124.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:3.4pt"><td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Derivative financial instruments:</font></p></td><td style="width:7.7pt; 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margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Firment </font></p></td><td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:124.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Black-Scholes model </font></p></td><td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#160; Refer to note </font><font style="font-family:'Times New Roman'"> 2.30</font></p></td></tr><tr style="height:3.4pt"><td style="width:188.9pt; 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margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#160; Refer to note </font><font style="font-family:'Times New Roman'"> 2.30</font></p></td></tr><tr style="height:11.5pt"><td style="width:188.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.65pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.9pt; 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border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:11.5pt"><td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; text-decoration:underline">Financial instruments not measured at fair value</font></p></td><td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:22.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:34.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:31.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:11.5pt"><td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.35pt"><td style="width:188.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><a name="RANGE_B379"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Type</font></a></p></td><td style="width:7.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:124.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Valuation Techniques</font></p></td><td style="width:3pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Significant unobservable inputs</font></p></td></tr><tr style="height:11.5pt"><td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.2pt"><td style="width:188.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Long-term borrowings</font></p></td><td style="width:7.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:124.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Discounted cash flow</font></p></td><td style="width:3pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Discount rate</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-indent:-54pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">21&#160;&#160;&#160;&#160;&#160;&#160; Fair values</font></p><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-indent:-54pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; line-height:13pt"><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold">Carrying amounts and fair values</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy (as defined in note 2.28). 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margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Carrying amount</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:157.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair value</font></p></td></tr><tr style="height:27.7pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">(in thousands of USD)</font></p></td><td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Financial assets</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 1</font></p></td><td style="width:33.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 2</font></p></td><td style="width:28.9pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 3</font></p></td><td style="width:28.75pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31, 2019</font></p></td><td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Financial assets measured at fair value</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Vessels (see also note 5)</font></p></td><td style="width:79.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">37,346</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:33.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">37,346</font></p></td><td style="width:33.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:28.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:28.75pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,346</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:79.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,346</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:33.85pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:33.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:28.9pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:28.75pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Other financial liabilities</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Financial liabilities measured at fair value</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Derivative financial instruments</font></p></td><td style="width:79.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">622</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">622</font></p></td><td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">622</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">622</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:10.6pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Financial liabilities not measured at fair value</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Long-term borrowings</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">38,487</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">39,853</font></p></td><td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">39,853</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; border-top:1pt solid #002060; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">38,487</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:474.85pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Carrying amount</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:160.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair value</font></p></td></tr><tr style="height:27.7pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">(in thousands of USD)</font></p></td><td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Other financial liabilities</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 1</font></p></td><td style="width:33.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 2</font></p></td><td style="width:34.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 3</font></p></td><td style="width:25.45pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31, 2018</font></p></td><td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Financial liabilities measured at fair value</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Derivative financial instruments</font></p></td><td style="width:79.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">831</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">831</font></p></td><td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">831</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">831</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:10.6pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Financial liabilities not measured at fair value</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Long-term borrowings</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">37,163</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">37,030</font></p></td><td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,030</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; border-top:1pt solid #002060; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,163</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; line-height:13pt"><font style="font-family:'Times New Roman'; font-size:9pt">&#160;&#160; </font><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold">Measurement of fair values</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; line-height:13pt"><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; line-height:13pt"><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold">&#160;&#160; Valuation techniques and significant unobservable inputs</font></p><p style="margin-top:0pt; margin-left:7.1pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The following tables show the valuation techniques used in measuring Level 1, Level 2 and Level 3 fair values, as well as the significant unobservable inputs used.</font><a name="FIS_UNIDENTIFIED_TABLE_33"></a><a name="FIS_UNIDENTIFIED_TABLE_34"></a></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:471pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:14.25pt"><td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><a name="DM_MAP_f804ad6280e94fc5a55a7788f3faaa63"><font style="font-family:'Times New Roman'; font-weight:bold; text-decoration:underline">Financial instruments measured at fair value</font></a></p></td><td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:22.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:34.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:31.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:14.25pt"><td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.35pt"><td style="width:188.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><a name="RANGE_B372"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Type</font></a></p></td><td style="width:7.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:124.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Valuation Techniques</font></p></td><td style="width:3pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Significant unobservable inputs</font></p></td></tr><tr style="height:14.25pt"><td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:3.4pt"><td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Vessels</font></p></td><td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:124.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Quoted (unadjusted) prices in active markets for identical assets less costs of disposal</font></p></td><td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:3.4pt"><td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:124.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:3.4pt"><td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Derivative financial instruments:</font></p></td><td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:124.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:3.4pt"><td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Firment </font></p></td><td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:124.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Black-Scholes model </font></p></td><td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#160; Refer to note </font><font style="font-family:'Times New Roman'"> 2.30</font></p></td></tr><tr style="height:3.4pt"><td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Convertible Note</font></p></td><td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:124.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Monte Carlo model </font></p></td><td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#160; Refer to note </font><font style="font-family:'Times New Roman'"> 2.30</font></p></td></tr><tr style="height:11.5pt"><td style="width:188.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.65pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.35pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.55pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:11.5pt"><td style="width:188.9pt; 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border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Discount rate</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Transfers between Level 1, 2 and 3</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">There were no transfers between these levels in 2018 and 2019.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">22&#160;&#160;&#160;&#160;&#160;&#160;&#160; Events after the reporting date</font></p><p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Book Antiqua'">&#xa0;</font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Further to the conversion clause included into the Convertible Note up to March 2020 a total amount of approximately $1,168, principal and accrued interest, was converted to share capital with the conversion price of $1 per share and a total number of 1,167,767 new shares issued in name of the holder of the Convertible Note. On March 13, 2020, Company and the holder of the Convertible Note entered into a waiver regarding the Convertible Note (the &#8220;Waiver&#8221;). 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Pursuant to Nasdaq Listing Rules, the applicable grace period to regain compliance is 180 days, or until August 31, 2020. The Company intends to cure the deficiency within the prescribed grace period. During this time, the Company&#8217;s common stock will continue to be listed and trade on the Nasdaq Capital Market.</font></p><p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The World Health Organization has declared the outbreak of a novel coronavirus (COVID-19) a global pandemic. The measures taken by governments worldwide in response to the outbreak, which included numerous factory closures and restrictions on travel, as well as potential labor shortages resulting from the outbreak, are expected to slow down production of goods worldwide and decrease the amount of goods exported and imported worldwide. Some experts fear that the economic consequences of the coronavirus could cause a recession that outlives the pandemic.</font></p><p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Besides reducing demand for cargo, coronavirus may functionally limit the amount of cargo that we and our competitors are able to move because countries worldwide have imposed quarantine checks on arriving vessels, which have caused delays in loading and delivery of cargoes. It is possible that charterers may try to invoke force majeure clauses as a result.</font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Although it is too early to assess the full impact of the coronavirus outbreak on global markets, and particularly on the shipping industry, the pandemic has already added, and could continue to add, pressure to shipping freight rates. Further depressed rates could have a material adverse impact on </font><font style="font-family:'Times New Roman'">the Company&#8217;s</font><font style="font-family:'Times New Roman'"> business, financial condition, results of operations, and cash flows.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.30</font><font style="font-family:'Times New Roman'">&#160;&#160; </font><font style="font-family:'Times New Roman'; font-weight:bold">Embedded Derivatives:</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'">An embedded derivative is a component of a hybrid contract that also includes a non-derivative host, with the effect that some of the cash flows of the combined instrument vary in a way similar to a stand-alone derivative. An embedded derivative is separated from the host contract if, and only if (IFRS 9.4.3.3):</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">(a) the economic characteristics and risks of the embedded derivative are not closely related to the economic characteristics and risks of the host;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">(b) a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">(c) the hybrid contract is not measured at fair value with changes in fair value recognised in profit or loss (i.e. a derivative that is embedded in a financial liability at fair value through profit or loss is not separated).</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company&#8217;s embedded derivatives are separated to the derivative component and the non-derivative host. The derivative component is shown separately from the non-derivative host in the consolidated statement of financial position at fair value. The changes in the fair value of the derivative financial instrument are recognized in the consolidated statement of comprehensive loss. </font><font style="font-family:'Times New Roman'">The Company has determined there are derivative financial liabilities as of December 31, 2019 (see Note 11). </font><font style="font-family:'Times New Roman'">The fair value of the embedded derivative instruments at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019, is estimated using: i) the Black-Scholes option-pricing model for the embedded derivative included in the Firment Shipping Inc. Credit Facility with the following assumptions: (a) no dividend yield as the Company does not expect to pay a dividend in the foreseeable future, (b) weighted average expected volatility of 85%, (c) risk free rate of 1.59% determined by management using the applicable Treasury Bill as of the measurement date, (d) market value of common stock of $0.99 and (e) expected life of 0.89 years as at December 31, 2019 and ii) the least squares approach on the Monte Carlo simulation for the embedded derivative included into the Convertible Note with the following assumptions: (a) the closing stock price on December 31, 2019, of $0.99, (b) the average logarithmic price change during the 6 month historical period of -0.68%, (c) the daily volatility for the 6 month period preceding the valuation date of 5.31%, (d) 10,000 iterations, (e) 50 remaining trading days as at December 31, 2019, (f) 1.535% risk free rate determined by management using the applicable 3 month Treasury Bill as at December 31, 2019 and, (g) conversion and floor price of $1.00 per share</font><font style="font-family:'Times New Roman'">.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">For the year ended December 31, 2018, t</font><font style="font-family:'Times New Roman'">he fair value of the embedded derivative included into the Firment Shipping Credit Facility, was estimated using the Black-Scholes option-pricing model with the following assumptions: (a) no dividend yield as the Company did not expect to pay a dividend in the foreseeable future, (b) weighted average expected volatility of 80%, (c) risk free rate of 2.48% determined by management using the applicable Treasury Bill as of the measurement date, (d) market value of common stock of $2.88 and (e) expected life of 1.89 years as at December 31, 2018.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.31 Restricted Cash:</font><font style="font-family:'Times New Roman'"> Restricted cash represents pledged cash deposits or minimum liquidity required to be maintained under the Company&apos;s borrowing arrangements. In the event that the obligation to maintain such deposits is expected to be terminated within the next twelve months, these deposits are classified as current assets. 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The consolidated financial statements are presented in U.S. dollars and all values are rounded to the nearest thousand ($ 000s) except when otherwise indicated.</font></a></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Going concern basis of accounting: </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019, the Company was in compliance with the loan covenants of the agreement with EnTrust with loan balance of $37,000 as of December 31, 2019.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019, the Company reported a working capital deficit of $3,242 and accumulated deficit of $135,648. </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The current low charter rates for drybulk vessels as a result of the coronavirus outbreak and its effects on world trade and financial markets have been adversely affecting the Company. The Company&#8217;s cash flow projections indicated that cash on hand and cash to be generated by operating activities might not be sufficient to cover the liquidity needs, including the debt obligations that become due in the twelve-month period ending following the issuance of these consolidated financial statements and the Company might not be able to meet the minimum liquidity requirements included in the loan agreement with EnTrust at certain measurement dates falling due within the 12 month period from the issuance of these financial statements.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The above conditions raise substantial doubt about the entity&apos;s ability to continue as a going concern. The Company is exploring several alternatives aiming to manage its working capital requirements and other commitments, including drawdown of additional funds available of $11,100 under the facility with Firment Shipping Inc, if needed raising of additional debt and discussions with other financial institutions and private funds to provide the Company with refinancing of the existing indebtedness. With respect to the Convertible Note that matures during March 2021 (Note 11), the Company anticipates that it will be converted to equity and no cash will be required for its repayment. As of December 31, 2019, the balance of the Convertible Note was approximately $3,579, principal and accrued interest.&#160; As of the date of issue of these consolidated financial statements, within the first quarter of 2020, an amount of approximately $1,168, principal and accrued interest, has already been converted to equity (see also Note 22).</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Management expects that the lenders will not demand payment of the loans before their maturity, provided that the Company pays scheduled loan instalments and accumulated interest as they fall due under the existing loan agreements. Management plans to settle loan interest and scheduled loan repayments with cash at hand and cash expected to be generated from the operations and from financing activities including the available line of credit under the facility with Firment Shipping Inc. The Company is dependent upon the continuous support of its shareholder Firment Shipping Inc to continue as a going concern. 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In addition, the nature and recognition of expenses related to those leases changed as IFRS 16 replaced the straight-line operating lease expense with a depreciation charge for right-of-use assets and interest expense on lease liabilities. The depreciation charge for right-of-use assets for the year ended December 31, 2019, was approximately $112 and the interest expense on lease liabilities for the same period was approximately $51. As of December 31, 2019, the net carrying amount of the right of use asset was $562.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">For time charters that qualify as leases, the Company is required to disclose lease and non-lease components of lease revenue. 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The Amendments clarify that an entity applies IFRS 9 Financial Instruments, before it applies IAS 28, to such long-term interests for which the equity method is not applied. In applying IFRS 9, the entity does not take account of any adjustments to the carrying amount of long- term interests that arise from applying IAS 28. Management has assessed that these amendments have no impact on the Company&#8217;s financial position or performance.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">IFRIC INTERPETATION 23: Uncertainty over Income Tax Treatments </font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of IAS 12. The Interpretation provides guidance on considering uncertain tax treatments separately or together, examination by tax authorities, the appropriate method to reflect uncertainty and accounting for changes in facts and circumstances. Management has assessed that this interpretation has no impact on the Company&#8217;s financial position or performance.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">IAS 19: Plan Amendment, Curtailment or Settlement (Amendments)</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Amendments require entities to use updated actuarial assumptions to determine current service cost and net interest for the remainder of the annual reporting period after a plan amendment, curtailment or settlement has occurred. 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A partial gain or loss is recognized when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. In December 2015 the IASB postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method of accounting. The application of this amendment will have no impact on the financial position or the performance of the Company since the Company is not an investment entity.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Conceptual Framework in IFRS standards</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The IASB issued the revised Conceptual Framework for Financial Reporting on March 29, 2018. The Conceptual Framework sets out a comprehensive set of concepts for financial reporting, standard setting, guidance for preparers in developing consistent accounting policies and assistance to others in their efforts to understand and interpret the standards. IASB also issued a separate accompanying document, Amendments to References to the Conceptual Framework in IFRS Standards, which sets out the amendments to affected standards in order to update references to the revised Conceptual Framework. Its objective is to support transition to the revised Conceptual Framework for companies that develop accounting policies using the Conceptual Framework when no IFRS Standard applies to a particular transaction. 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The Amendments are effective for business combinations for which the acquisition date is in the first annual reporting period beginning on or after January 1, 2020 and to asset acquisitions that occur on or after the beginning of that period, with earlier application permitted. Management does not expect that these amendments will have an impact on the Company&#8217;s financial position or performance.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of &#8216;material&#8217; (Amendments)</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Amendments are effective for annual periods beginning on or after January 1, 2020, with earlier application permitted. 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Management does not expect that these amendments will have an impact on the Company&#8217;s financial position or performance.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Interest Rate Benchmark Reform - IFRS 9, IAS 39 and IFRS 7 (Amendments)</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The amendments are effective for annual periods beginning on or after January 1, 2020 and must be applied retrospectively. Earlier application is permitted. 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The amendments provided temporary reliefs, applicable to all hedging relationships that are directly affected by the interest rate benchmark reform, which enable hedge accounting to continue during the period of uncertainty before the replacement of an existing interest rate benchmark with an alternative nearly risk-free interest rate. 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The provision for doubtful accounts at December 31, 2019 was $23 (2018: $68). </font></a></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"><a name="DM_MAP_f26e11ee97bc4165887d8bf83cd3fee7"><font style="font-family:'Times New Roman'; font-weight:bold">2.8&#160;&#160;&#160;&#160;&#160; Inventories:</font><font style="font-family:'Times New Roman'"> Inventories consist of lubricants, bunkers and gas cylinders and are stated at the lower of cost and net realisable value. 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Management estimates that the useful life of new vessels is 25 years, which is consistent with industry practice. The residual value of a vessel is the product of its lightweight tonnage and estimated scrap value per lightweight ton. The residual values and useful lives are reviewed at each reporting date and adjusted prospectively. During the third quarter of 2017, the Company adjusted the scrap rate from $200/ton to $250/ton due to the increased scrap rates worldwide. This resulted to a decrease of $86 to the depreciation charge included in the consolidated statement of comprehensive loss for 2017. During the first quarter of 2018, the Company adjusted the scrap rate from $250/ton to $300/ton due to the increased scrap rates worldwide. This resulted to a decrease of $178 to the depreciation charge included in the consolidated statement of comprehensive loss for 2018. 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The vessel&#8217;s recoverable amount is estimated when events or changes in circumstances indicate the carrying value may not be recoverable. If such indication exists and where the carrying value exceeds the estimated recoverable amounts, the vessel is written down to its recoverable amount. The recoverable amount is the greater of fair value less costs to sell and value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the vessel. Impairment losses are recognised in the consolidated statement of comprehensive loss. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset&#8217;s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the consolidated statement of comprehensive loss. After such a reversal, the depreciation charge is adjusted in future periods to allocate the asset&#8217;s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life (refer to note 5).</font></a></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"><a name="DM_MAP_65afb41cd21c4b9d8238568d4f42c973"><font style="font-family:'Times New Roman'; font-weight:bold">2.14&#160;&#160; </font><font style="font-family:'Times New Roman'; font-weight:bold">Long-term debt</font><font style="font-family:'Times New Roman'; font-weight:bold">:</font><font style="font-family:'Times New Roman'"> Long-term debt is initially recognised at the fair value of the consideration received net of financing costs directly attributable to the borrowing.&#160; After initial recognition, long-term debt is subsequently measured at amortized cost using the effective interest rate method.&#160; Amortized cost is calculated by taking into account any financing costs and any discount or premium on settlement. 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The Company does not use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does not identify expenses, profitability or other financial information for these charters. 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 the Company has determined that it operates as one operating segment. 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Contingent liabilities are not recognized in the consolidated financial statements but are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote, in which case there is no disclosure. Contingent assets are not recognized in the consolidated financial statements but are disclosed when an inflow of economic benefits is probable.</font></a></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"><a name="DM_MAP_b3dbcd8a53d44ccd806dbe8ebd5b5c5a"><font style="font-family:'Times New Roman'; font-weight:bold">2.19&#160;&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'; font-weight:bold">Pension and retirement benefit obligations: </font><font style="font-family:'Times New Roman'">The crew on board the vessels owned by the ship-owning companies owned by Globus is under short-term contracts (usually up to nine months) and, accordingly, the Company is not liable for any pension or post-retirement benefits payable to the crew.</font></a></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160; Provision for employees&#8217; severance compensation: </font><font style="font-family:'Times New Roman'">The Greek employees, of the Company are bound by the Greek Labour law. Accordingly, compensation is payable to such employees upon dismissal or retirement. The amount of compensation is based on the number of years of service and the amount of remuneration at the date of dismissal or retirement. If the employee remains in the employment of the Company until normal retirement age, they are entitled to retirement compensation which is equal to 40% of the compensation amount that would be payable if they were dismissed at that time. The number of employees that will remain with the Company until retirement age is not known. The Company has provided for the employees&#8217; retirement compensation liability which amounted to $26 as at December 31, 2019 (2018: $87), calculated by using the Projected Unit Credit Method and disclosed under non-current liabilities in the consolidated statement of financial position.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"><a name="DM_MAP_6a91f6fc1c2c4890ac6723cb05527466"><font style="font-family:'Times New Roman'; font-weight:bold">2.20&#160;&#160; Offsetting of financial assets and liabilities: </font><font style="font-family:'Times New Roman'">Financial assets and liabilities are offset and the net amount is presented in the consolidated financial position only when the Company has a legally enforceable right to set off the recognised amounts and intend either to settle such asset and liability on a net basis or to realize the asset and settle the liability simultaneously.</font></a></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; font-size:9pt"><a name="DM_MAP_f56e87d739d142c39a4f2eeb9026bcb3"><font style="font-family:'Times New Roman'; font-weight:bold">2.21&#160;&#160;&#160; Financial assets and liabilities:</font></a></p><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">i.&#160;&#160;&#160; Classification and measurement of financial assets and financial liabilities</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On January 1, 2018, the Company adopted IFRS 9. IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of financial liabilities. However, it eliminates the previous IAS 39 categories for financial assets of held to maturity, loans and receivables and available for sale.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Under IFRS 9, on initial recognition, a financial asset is classified as measured at: amortized cost; fair value through other comprehensive income (FVOCI) - debt investment; FVOCI - equity investment; or fair value through profit or loss (FVTPL). The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">it is held within a business model whose objective is to hold assets to collect contractual cash flows; and</font></li><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and</font></li><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition.</font></p><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">ii.&#160;&#160;&#160; Impairment of financial assets</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">IFRS 9 replaces the &apos;incurred loss&apos; model in IAS 39 with an &apos;expected credit loss&apos; (ECL) model. The new impairment model applies to financial assets measured at amortized cost, contract assets and debt investments at FVOCI, but not to investments in equity instruments. Under IFRS 9, credit losses are recognized earlier than under IAS 39.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The financial assets at amortized cost consist of trade accounts receivable and cash and cash equivalents.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Under IFRS 9, loss allowances are measured on either of the following bases:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">12-month ECLs: these are ECLs that result from possible default events within the 12 months after the reporting date; and</font></li><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument.</font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analyses, based on the Company&apos;s historical experience and informed credit assessment and including forward-looking information.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company assumes that the credit risk on a financial asset has increased significantly if it is more than 180 days past due.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company considers a financial asset to be in default when:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">the counterparty is unlikely to pay its contractual obligations to the Company in full, without recourse by the Company to actions such as realising security (if any is held); or</font></li><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">the financial asset is more than 1 year past due.</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between cash flows due to the entity in accordance with the contract and cash flows that the Company expects to receive). ECLs are discounted at the effective interest rate of the financial asset.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. The Company has determined that the application of IFRS 9&apos;s impairment requirements at January 1, 2018, has not resulted to any additional impairment allowance.</font></p><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">iii.&#160;&#160; Derecognition of financial assets </font></p><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognised where:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-top:6pt; margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">the rights to receive cash flows from the asset have expired;</font></li><li style="margin-top:6pt; margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">the Company retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a &#8220;pass-through&#8221; arrangement; or </font></li><li style="margin-top:6pt; margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">the Company has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the assets, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset.</font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Where the Company has transferred its rights to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Company&#8217;s continuing involvement in the asset. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">iv. 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The Company recognizes lease liabilities to make payments and right of use assets representing the right of use of the underlying asset. The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. 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The lease payments include fixed payments (including any in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and any amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; letter-spacing:-0.1pt">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><a name="DM_MAP_e1be2aae591c4089acc6e1daa476606b"><font style="font-family:'Times New Roman'; font-weight:bold">2.23&#160;&#160; Leases &#8211; where an entity is the lessor: </font><font style="font-family:'Times New Roman'">Leases of vessels where the entity does not transfer substantially all the risks and benefits of ownership of the vessel are classified as operating leases. 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