shares iso4217:USD iso4217:USD shares pure iso4217:EUR iso4217:EUR iso4217:USD 0001499780 2020-01-01 2020-12-31 0001499780 2020-12-31 0001499780 2019-01-01 2019-12-31 0001499780 2018-01-01 2018-12-31 0001499780 2019-12-31 0001499780 ifrs-full:SharePremiumMember 2017-12-31 0001499780 ifrs-full:RetainedEarningsMember 2017-12-31 0001499780 ifrs-full:RetainedEarningsMember 2018-01-01 2018-12-31 0001499780 ifrs-full:SharePremiumMember 2018-01-01 2018-12-31 0001499780 ifrs-full:IssuedCapitalMember 2018-12-31 0001499780 ifrs-full:SharePremiumMember 2018-12-31 0001499780 ifrs-full:RetainedEarningsMember 2018-12-31 0001499780 ifrs-full:RetainedEarningsMember 2019-01-01 2019-12-31 0001499780 ifrs-full:SharePremiumMember 2019-01-01 2019-12-31 0001499780 ifrs-full:IssuedCapitalMember 2019-12-31 0001499780 ifrs-full:SharePremiumMember 2019-12-31 0001499780 ifrs-full:RetainedEarningsMember 2019-12-31 0001499780 2017-12-31 0001499780 ifrs-full:RetainedEarningsMember 2020-01-01 2020-12-31 0001499780 ifrs-full:IssuedCapitalMember 2020-12-31 0001499780 ifrs-full:SharePremiumMember 2020-12-31 0001499780 ifrs-full:RetainedEarningsMember 2020-12-31 0001499780 ifrs-full:SharePremiumMember 2020-01-01 2020-12-31 0001499780 2018-12-31 0001499780 ifrs-full:IssuedCapitalMember 2020-01-01 2020-12-31 0001499780 ifrs-full:IssuedCapitalMember 2019-01-01 2019-12-31 0001499780 ifrs-full:PreferenceSharesMember 2020-01-01 2020-12-31 0001499780 glbs:GlobusShipmanagementCorpMember 2020-01-01 2020-12-31 0001499780 glbs:DevoceanMaritimeLtdMember 2020-01-01 2020-12-31 0001499780 glbs:DominaMaritimeLtdMember 2020-01-01 2020-12-31 0001499780 glbs:DulacMaritimeSAMember 2020-01-01 2020-12-31 0001499780 glbs:ArtfulShipholdingSAMember 2020-01-01 2020-12-31 0001499780 glbs:LongevityMaritimeLimitedMember 2020-01-01 2020-12-31 0001499780 glbs:SerenaMaritimeLimitedMember 2020-01-01 2020-12-31 0001499780 glbs:TalismanMaritimeLimitedMember 2020-01-01 2020-12-31 0001499780 glbs:DeferredDryDockingCostsMember 2020-01-01 2020-12-31 0001499780 ifrs-full:ShipsMember 2020-01-01 2020-12-31 0001499780 ifrs-full:ShipsMember 2018-01-01 2018-03-31 0001499780 ifrs-full:ShipsMember 2018-01-01 2018-12-31 0001499780 glbs:EnTrustMember 2020-01-01 2020-12-31 0001499780 glbs:EnTrustMember 2019-01-01 2019-12-31 0001499780 glbs:EnTrustMember 2018-01-01 2018-12-31 0001499780 glbs:BlackScholesOptionPricingModelMember 2019-01-01 2019-12-31 0001499780 glbs:CyberonicaSAMember 2020-01-01 2020-12-31 0001499780 ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMember 2020-01-01 2020-12-31 0001499780 glbs:CyberonicaSAMember 2020-12-31 0001499780 glbs:MonteCarloSimulationMember 2019-01-01 2019-12-31 0001499780 glbs:MonteCarloSimulationMember 2019-12-31 0001499780 glbs:CyberonicaSAMember 2019-12-31 0001499780 glbs:CyberonicaSAMember 2019-01-01 0001499780 glbs:CyberonicaSAMember 2019-01-01 2019-12-31 0001499780 glbs:NonExecutiveDirectorsMember 2020-01-01 2020-12-31 0001499780 glbs:NonExecutiveDirectorsMember 2019-01-01 2019-12-31 0001499780 glbs:ExecutiveDirectorsMember 2020-01-01 2020-12-31 0001499780 glbs:ExecutiveDirectorsMember 2019-01-01 2019-12-31 0001499780 glbs:NonExecutiveDirectorsMember 2018-01-01 2018-12-31 0001499780 glbs:ExecutiveDirectorsMember 2018-01-01 2018-12-31 0001499780 glbs:CyberonicaSAMember 2016-01-01 2016-12-31 0001499780 glbs:CyberonicaSAMember 2019-01-01 2019-12-31 0001499780 glbs:CyberonicaSAMember 2018-01-01 2018-12-31 0001499780 glbs:NonExecutiveDirectorsMember 2019-12-31 0001499780 glbs:ChiefExecutiveOfficerMember 2019-01-01 2019-12-31 0001499780 glbs:AffiliatedCompanyOfCompanysCEOMember 2019-01-01 2019-12-31 0001499780 glbs:AffiliatedCompanyOfCompanysCEOMember 2018-01-01 2018-12-31 0001499780 glbs:ExecutiveDirectorsMember 2019-12-31 0001499780 glbs:FirmentShippingIncMember 2020-01-01 2020-12-31 0001499780 glbs:FirmentShippingIncMember 2018-11-30 0001499780 glbs:FirmentShippingIncMember 2018-01-01 2018-11-30 0001499780 glbs:FirmentShippingIncMember 2021-01-01 0001499780 glbs:FirmentShippingIncMember 2019-01-01 2019-12-31 0001499780 glbs:FirmentShippingIncMember ifrs-full:BottomOfRangeMember 2020-01-01 2020-12-31 0001499780 glbs:FirmentShippingIncMember 2019-04-23 0001499780 glbs:FirmentShippingIncMember 2019-01-01 2019-04-23 0001499780 glbs:CyberonicaSAMember 2019-01-01 0001499780 glbs:CyberonicaSAMember 2020-01-01 2020-12-31 0001499780 glbs:AffiliatedCompanyOfCompanysCEOMember 2020-01-01 2020-12-03 0001499780 glbs:AffiliatedCompanyOfCompanysCEOMember 2020-01-01 2020-12-31 0001499780 glbs:FirmentShippingIncMember 2020-01-01 2020-07-27 0001499780 glbs:NonExecutiveDirectorsMember 2020-12-31 0001499780 glbs:ExecutiveDirectorsMember 2020-12-31 0001499780 glbs:AffiliatedCompanyOfCompanysCEOMember 2016-01-01 2016-08-18 0001499780 glbs:ChiefExecutiveOfficerMember 2020-01-01 2020-12-31 0001499780 glbs:AmendedAndRestatedAgreementMember glbs:FirmentShippingIncMember 2020-01-01 2020-12-31 0001499780 glbs:AffiliatedCompanyOfCompanysCEOMember 2020-12-03 0001499780 glbs:AffiliatedCompanyOfCompanysCEOMember 2021-01-01 2021-02-28 0001499780 glbs:AffiliatedCompanyOfCompanysCEOMember ifrs-full:PreferenceSharesMember 2020-01-01 2020-06-12 0001499780 glbs:AffiliatedCompanyOfCompanysCEOMember ifrs-full:PreferenceSharesMember 2020-01-01 2020-07-27 0001499780 glbs:AffiliatedCompanyOfCompanysCEOMember ifrs-full:PreferenceSharesMember 2020-06-12 0001499780 glbs:AffiliatedCompanyOfCompanysCEOMember ifrs-full:PreferenceSharesMember 2020-01-01 2020-12-31 0001499780 glbs:AmendedAndRestatedAgreementMember glbs:FirmentShippingIncMember 2020-05-08 0001499780 glbs:AmendedAndRestatedAgreementMember glbs:FirmentShippingIncMember 2020-12-31 0001499780 glbs:AmendedAndRestatedAgreementMember glbs:FirmentShippingIncMember 2019-12-31 0001499780 ifrs-full:GrossCarryingAmountMember ifrs-full:ShipsMember 2019-12-31 0001499780 ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember ifrs-full:ShipsMember 2019-12-31 0001499780 ifrs-full:GrossCarryingAmountMember glbs:DryDockingMember 2019-12-31 0001499780 glbs:CarryingAmountIMember 2019-12-31 0001499780 ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember glbs:DryDockingMember 2019-12-31 0001499780 ifrs-full:GrossCarryingAmountMember ifrs-full:ShipsMember 2019-01-01 2019-12-31 0001499780 glbs:CarryingAmountIMember 2019-01-01 2019-12-31 0001499780 ifrs-full:GrossCarryingAmountMember glbs:DryDockingMember 2019-01-01 2019-12-31 0001499780 ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember ifrs-full:ShipsMember 2019-01-01 2019-12-31 0001499780 ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember glbs:DryDockingMember 2019-01-01 2019-12-31 0001499780 ifrs-full:GrossCarryingAmountMember ifrs-full:ShipsMember 2018-12-31 0001499780 ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember ifrs-full:ShipsMember 2018-12-31 0001499780 ifrs-full:GrossCarryingAmountMember glbs:DryDockingMember 2018-12-31 0001499780 ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember glbs:DryDockingMember 2018-12-31 0001499780 glbs:CarryingAmountIMember 2018-12-31 0001499780 ifrs-full:GrossCarryingAmountMember ifrs-full:ShipsMember 2020-12-31 0001499780 ifrs-full:GrossCarryingAmountMember glbs:DryDockingMember 2020-12-31 0001499780 glbs:CarryingAmountIMember 2020-12-31 0001499780 ifrs-full:GrossCarryingAmountMember ifrs-full:ShipsMember 2020-01-01 2020-12-31 0001499780 ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember ifrs-full:ShipsMember 2020-01-01 2020-12-31 0001499780 ifrs-full:GrossCarryingAmountMember glbs:DryDockingMember 2020-01-01 2020-12-31 0001499780 ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember glbs:DryDockingMember 2020-01-01 2020-12-31 0001499780 glbs:CarryingAmountIMember 2020-01-01 2020-12-31 0001499780 ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember ifrs-full:ShipsMember 2020-12-31 0001499780 ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember glbs:DryDockingMember 2020-12-31 0001499780 ifrs-full:GrossCarryingAmountMember ifrs-full:ShipsMember 2017-12-31 0001499780 ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember ifrs-full:ShipsMember 2017-12-31 0001499780 ifrs-full:GrossCarryingAmountMember glbs:DryDockingMember 2017-12-31 0001499780 ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember glbs:DryDockingMember 2017-12-31 0001499780 glbs:CarryingAmountIMember 2017-12-31 0001499780 ifrs-full:GrossCarryingAmountMember glbs:DryDockingMember 2018-01-01 2018-12-31 0001499780 glbs:CarryingAmountIMember 2018-01-01 2018-12-31 0001499780 ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember ifrs-full:ShipsMember 2018-01-01 2018-12-31 0001499780 ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember glbs:DryDockingMember 2018-01-01 2018-12-31 0001499780 ifrs-full:GrossCarryingAmountMember ifrs-full:ShipsMember 2018-01-01 2018-12-31 0001499780 glbs:MVRiverGlobeMember 2020-01-01 2020-12-31 0001499780 glbs:MVSkyGlobeMember 2020-01-01 2020-12-31 0001499780 glbs:MVStarGlobeMember 2020-01-01 2020-12-31 0001499780 glbs:MVSunGlobeMember 2020-01-01 2020-12-31 0001499780 glbs:MVMoonGlobeMember 2020-01-01 2020-12-31 0001499780 glbs:MVRiverGlobeMember 2019-01-01 2019-12-31 0001499780 glbs:MVSkyGlobeMember 2019-01-01 2019-12-31 0001499780 glbs:MVStarGlobeMember 2019-01-01 2019-12-31 0001499780 glbs:MVSunGlobeMember 2019-01-01 2019-12-31 0001499780 glbs:MVMoonGlobeMember 2019-01-01 2019-12-31 0001499780 glbs:MVRiverGlobeMember 2019-12-31 0001499780 glbs:MVSkyGlobeMember 2019-12-31 0001499780 glbs:MVStarGlobeMember 2019-12-31 0001499780 glbs:MVSunGlobeMember 2019-12-31 0001499780 glbs:MVMoonGlobeMember 2019-12-31 0001499780 glbs:SupramaxMember 2020-12-31 0001499780 glbs:PanamaxMember 2020-12-31 0001499780 glbs:GalaxyGlobeMember 2020-10-29 0001499780 glbs:DryBulkCarriersMember 2020-12-31 0001499780 glbs:GalaxyGlobeMember 2020-01-01 2020-10-29 0001499780 ifrs-full:OrdinarySharesMember 2020-12-31 0001499780 ifrs-full:OrdinarySharesMember 2019-12-31 0001499780 ifrs-full:OrdinarySharesMember 2018-12-31 0001499780 glbs:ClassBCommonSharesMember 2020-12-31 0001499780 glbs:ClassBCommonSharesMember 2019-12-31 0001499780 glbs:ClassBCommonSharesMember 2018-12-31 0001499780 ifrs-full:PreferenceSharesMember 2020-12-31 0001499780 ifrs-full:PreferenceSharesMember 2019-12-31 0001499780 ifrs-full:PreferenceSharesMember 2018-12-31 0001499780 ifrs-full:OrdinarySharesMember 2017-12-31 0001499780 ifrs-full:OrdinarySharesMember 2018-01-01 2018-12-31 0001499780 ifrs-full:OrdinarySharesMember 2019-01-01 2019-12-31 0001499780 ifrs-full:OrdinarySharesMember 2020-01-01 2020-12-31 0001499780 glbs:February2017PrivatePlacementMember 2018-01-01 2018-01-31 0001499780 glbs:ClassBCommonSharesOutstandingMember 2020-12-31 0001499780 glbs:ClassBCommonSharesOutstandingMember 2019-12-31 0001499780 glbs:ClassBCommonSharesOutstandingMember 2018-12-31 0001499780 glbs:February2017PrivatePlacementMember 2017-01-01 2017-02-08 0001499780 glbs:February2017PrivatePlacementMember 2017-02-08 0001499780 2018-10-14 0001499780 2018-10-15 0001499780 2020-10-20 0001499780 2020-10-21 0001499780 2018-01-01 2018-10-15 0001499780 2020-01-01 2020-10-21 0001499780 glbs:ConvertibleNoteMember 2019-12-31 0001499780 glbs:ConvertibleNoteMember 2019-01-01 2019-12-31 0001499780 glbs:ConvertibleNoteMember 2020-12-31 0001499780 glbs:ConvertibleNoteMember 2020-01-01 2020-12-31 0001499780 2020-01-01 2020-06-22 0001499780 glbs:MaximGroupLLCMember 2020-06-22 0001499780 glbs:MaximGroupLLCMember 2020-01-01 2020-06-22 0001499780 glbs:MaximGroupLLCMember ifrs-full:OptionContractMember 2020-01-01 2020-06-22 0001499780 glbs:MaximGroupLLCMember ifrs-full:OptionContractMember 2020-06-22 0001499780 glbs:ClassAWarrantsMember 2020-01-01 2020-12-31 0001499780 glbs:ClassAWarrantsMember 2020-12-31 0001499780 glbs:PPWarrantsMember 2020-01-01 2020-06-30 0001499780 glbs:PPWarrantsMember 2020-06-30 0001499780 glbs:PPWarrantsMember 2020-01-01 2020-07-21 0001499780 glbs:PPWarrantsMember 2020-07-21 0001499780 glbs:PPWarrantsMember 2020-12-31 0001499780 glbs:InstitutionalInvestorsMember 2020-01-01 2020-12-09 0001499780 glbs:InstitutionalInvestorsMember glbs:PreFundedWarrantsMember 2020-12-07 0001499780 glbs:InstitutionalInvestorsMember glbs:DecemberWarrantsMember 2020-12-07 0001499780 glbs:DecemberWarrantsMember 2020-12-31 0001499780 glbs:PreFundedWarrantsMember 2020-12-31 0001499780 2020-06-22 0001499780 glbs:InstitutionalInvestorsMember 2020-01-01 2020-12-07 0001499780 glbs:PreFundedWarrantsMember 2020-01-01 2020-12-31 0001499780 glbs:DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedMember 2020-12-31 0001499780 glbs:EnTrustMember ifrs-full:NotLaterThanOneYearMember 2019-12-31 0001499780 glbs:ConvertibleNoteMember ifrs-full:NotLaterThanOneYearMember 2019-12-31 0001499780 ifrs-full:NotLaterThanOneYearMember 2019-12-31 0001499780 glbs:EnTrustMember ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember 2019-12-31 0001499780 ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember 2019-12-31 0001499780 glbs:EnTrustMember glbs:LaterThanTwoYearsMember 2019-12-31 0001499780 glbs:LaterThanTwoYearsMember 2019-12-31 0001499780 glbs:EnTrustMember 2019-12-31 0001499780 glbs:FirmentShippingIncLoanAgreementMember ifrs-full:NotLaterThanOneYearMember 2019-12-31 0001499780 glbs:EnTrustMember ifrs-full:NotLaterThanOneYearMember 2020-12-31 0001499780 glbs:EnTrustMember ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember 2020-12-31 0001499780 glbs:EnTrustMember glbs:LaterThanTwoYearsMember 2020-12-31 0001499780 glbs:EnTrustMember 2020-12-31 0001499780 glbs:FirmentShippingIncLoanAgreementMember 2019-12-31 0001499780 glbs:EnTrustMember 2019-01-01 2019-06-30 0001499780 glbs:EnTrustMember 2019-06-30 0001499780 glbs:EnTrustMember glbs:TrancheAMember 2020-12-31 0001499780 glbs:EnTrustMember glbs:TrancheAMember 2020-01-01 2020-12-31 0001499780 glbs:EnTrustMember glbs:TrancheBMember 2020-12-31 0001499780 glbs:EnTrustMember glbs:TrancheBMember 2020-01-01 2020-12-31 0001499780 glbs:EnTrustMember glbs:TrancheCMember 2020-12-31 0001499780 glbs:EnTrustMember glbs:TrancheCMember 2020-01-01 2020-12-31 0001499780 glbs:EnTrustMember glbs:TrancheEMember 2020-12-31 0001499780 glbs:EnTrustMember glbs:TrancheDMember 2020-12-31 0001499780 glbs:EnTrustMember glbs:TrancheDMember 2020-01-01 2020-12-31 0001499780 glbs:EnTrustMember glbs:TrancheEMember 2020-01-01 2020-12-31 0001499780 glbs:EnTrustMember ifrs-full:BottomOfRangeMember 2020-01-01 2020-12-31 0001499780 glbs:EnTrustMember ifrs-full:BottomOfRangeMember 2020-12-31 0001499780 glbs:EnTrustMember glbs:BorrowerABorrowerEMember 2020-12-31 0001499780 glbs:EnTrustMember 2019-01-01 2019-06-24 0001499780 glbs:EnTrustMember glbs:BorrowerBBorrowerCBorrowerDMember 2020-01-01 2020-12-31 0001499780 glbs:EnTrustMember glbs:BorrowerABorrowerEMember 2020-01-01 2020-12-31 0001499780 ifrs-full:WeightedAverageMember 2019-12-31 0001499780 glbs:ConvertibleNoteMember 2019-03-13 0001499780 glbs:ConvertibleNoteMember 2019-01-01 2019-03-13 0001499780 glbs:FirmentShippingIncMember 2019-12-31 0001499780 ifrs-full:WeightedAverageMember 2020-12-31 0001499780 glbs:ConvertibleNoteMember 2020-01-01 2020-06-25 0001499780 glbs:FirmentShippingIncMember 2020-12-31 0001499780 glbs:NonExecutiveDirectorsMember glbs:NumberOfOrdinarySharesMember 2018-01-01 2018-12-31 0001499780 glbs:NumberOfOrdinarySharesMember 2018-01-01 2018-12-31 0001499780 glbs:NonExecutiveDirectorsMember glbs:NumberOfOrdinarySharesMember 2019-01-01 2019-12-31 0001499780 glbs:NumberOfOrdinarySharesMember 2019-01-01 2019-12-31 0001499780 glbs:NonExecutiveDirectorsMember ifrs-full:SharePremiumMember 2018-01-01 2018-12-31 0001499780 glbs:NonExecutiveDirectorsMember ifrs-full:SharePremiumMember 2019-01-01 2019-12-31 0001499780 glbs:NonExecutiveDirectorsMember glbs:NumberOfOrdinarySharesMember 2020-01-01 2020-12-31 0001499780 glbs:NumberOfOrdinarySharesMember 2020-01-01 2020-12-31 0001499780 glbs:NonExecutiveDirectorsMember ifrs-full:SharePremiumMember 2020-01-01 2020-12-31 0001499780 ifrs-full:NotLaterThanOneYearMember 2020-12-31 0001499780 ifrs-full:InterestRateRiskMember 2020-01-01 2020-12-31 0001499780 ifrs-full:InterestRateRiskMember 2019-01-01 2019-12-31 0001499780 ifrs-full:CurrencyRiskMember 2019-01-01 2019-12-31 0001499780 ifrs-full:CurrencyRiskMember 2020-01-01 2020-12-31 0001499780 glbs:MajorChartererMember 2020-01-01 2020-12-31 0001499780 glbs:MajorChartererBMember 2020-01-01 2020-12-31 0001499780 glbs:OtherMajorCharterersMember 2020-01-01 2020-12-31 0001499780 glbs:MajorChartererMember 2019-01-01 2019-12-31 0001499780 glbs:MajorChartererBMember 2019-01-01 2019-12-31 0001499780 glbs:OtherMajorCharterersMember 2019-01-01 2019-12-31 0001499780 glbs:MajorChartererMember 2018-01-01 2018-12-31 0001499780 glbs:MajorChartererBMember 2018-01-01 2018-12-31 0001499780 glbs:OtherMajorCharterersMember 2018-01-01 2018-12-31 0001499780 ifrs-full:NotLaterThanThreeMonthsMember 2020-12-31 0001499780 ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember 2020-12-31 0001499780 ifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember 2020-12-31 0001499780 ifrs-full:LaterThanFiveYearsMember 2020-12-31 0001499780 ifrs-full:NotLaterThanThreeMonthsMember 2019-12-31 0001499780 ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember 2019-12-31 0001499780 ifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember 2019-12-31 0001499780 ifrs-full:LaterThanFiveYearsMember 2019-12-31 0001499780 ifrs-full:BottomOfRangeMember 2020-12-31 0001499780 ifrs-full:TopOfRangeMember 2020-12-31 0001499780 glbs:NonFinancialAssetsAtFairValueMember ifrs-full:AtFairValueMember 2019-12-31 0001499780 glbs:NonFinancialAssetsAtFairValueMember ifrs-full:Level1OfFairValueHierarchyMember ifrs-full:AtFairValueMember 2019-12-31 0001499780 ifrs-full:FinancialLiabilitiesAtFairValueMember ifrs-full:AtFairValueMember 2019-12-31 0001499780 ifrs-full:FinancialLiabilitiesAtFairValueMember ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:AtFairValueMember 2019-12-31 0001499780 ifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember 2019-12-31 0001499780 glbs:NonFinancialAssetsAtFairValueMember ifrs-full:AtFairValueMember 2020-12-31 0001499780 glbs:NonFinancialAssetsAtFairValueMember ifrs-full:Level1OfFairValueHierarchyMember ifrs-full:AtFairValueMember 2020-12-31 0001499780 ifrs-full:FinancialLiabilitiesAtFairValueMember ifrs-full:AtFairValueMember 2020-12-31 0001499780 ifrs-full:FinancialLiabilitiesAtFairValueMember ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:AtFairValueMember 2020-12-31 0001499780 ifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember 2020-12-31 0001499780 ifrs-full:Level2OfFairValueHierarchyMember ifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember 2020-12-31 0001499780 ifrs-full:Level2OfFairValueHierarchyMember ifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember 2019-12-31 0001499780 glbs:InstitutionalInvestorsMember 2021-01-27 0001499780 glbs:InstitutionalInvestorsMember glbs:PreFundedWarrantsMember 2021-01-27 0001499780 glbs:InstitutionalInvestorsMember glbs:January2021WarrantsMember 2021-01-27 0001499780 glbs:InstitutionalInvestorsMember glbs:PreFundedWarrantsMember 2021-02-12 0001499780 glbs:InstitutionalInvestorsMember glbs:February2021WarrantsMember 2021-02-12 0001499780 glbs:InstitutionalInvestorsMember 2021-02-12 0001499780 glbs:NordVenusMember 2021-02-18 0001499780 glbs:Yangze11Member 2021-03-19 0001499780 glbs:Yangze11Member 2021-01-01 2021-03-19 0001499780 glbs:NordVenusMember glbs:DeliveryDateMayMember 2021-01-01 2021-02-18 0001499780 glbs:NordVenusMember glbs:DeliveryDateAugustMember 2021-01-01 2021-02-18 0001499780 glbs:AffiliatedCompanyOfCompanysCEOMember ifrs-full:PreferenceSharesMember 2021-01-01 2021-03-31 0001499780 glbs:FinancialInstitutionMember 2021-03-31 0001499780 glbs:FinancialInstitutionMember 2021-01-01 2021-03-31 0001499780 glbs:PreFundedWarrantsMember 2021-01-01 2021-01-13 0001499780 glbs:InstitutionalInvestorsMember 2021-01-01 2021-01-27 0001499780 glbs:InstitutionalInvestorsMember 2021-01-01 2021-02-12 0001499780 glbs:EnTrustMember 2021-01-01 2021-03-23 0001499780 glbs:EnTrustMember 2021-03-23 GLOBUS MARITIME LTD GLBS 0001499780 20-F 2020-12-31 false 2020 FY --12-31 No No Yes Non-accelerated Filer 3040123 false false MH Yes true false false Common Shares, par value $0.004 per share NASDAQ

11753000

15623000

11753000

15623000

2398000

4721000

1335000 1704000

1891000

1583000

1915000 371000

29000

-11423000

-33649000

16000

47000

4155000

4703000

-163000

4000

-17372000

-36351000

-17372000

-36351000

2490000

2098000

40000 40000

-18.11

-873.36

17354000

1188000

4601000

1166000

1356000

528000 40000

-1448000

2056000

67000

-3568000

-111.6

2000

-1647000

1950000

-131000

8581000 8882000 9925000

89000

4615000

29902000

-5949000 -2702000 -2120000

62350000

48242000

100000

103000

64160000

50167000

153000

240000

1248000

1545000

1027000

153000

19037000

2366000

22281000

5489000

86441000

55656000

12000

195102000

145527000

-153020000

-135648000

42094000

9879000

30887000

36551000

31000

26000

31285000

37046000

5665000

1195000

4758000

4735000

2159000

1971000

285000

13062000

8731000

44347000

45777000

86441000

55656000

10000

816000

1185000

450000

562000

1250000

195000

208000

622000

367000

469000

139697000

-95729000

-3568000

50000

140347000

-99297000

-36351000

40000

145527000

-135648000

43968000

-17372000

12000

195102000

-153020000

40000

41050000

600000

815000

194000

49305000

49317000

12000

5140000

1079000

300000

300000 300000

50000

40000

815000

40000

2398000

4721000

1335000 1704000 -2663000 -861000

5000

-61000

4155000

4703000

16000

47000

121000

-11000

40000

87000

337000

297000

-895000

-874000

18000

89000

-1013000

-392000 63000 285000 -86000

-6243000

213000

16000

47000

-18542000

-20000

43700000

1830000

369000

-1085000

4146000

3915000

41456000

2127000

2320000

49317000

54000

30000

13000

4601000

1166000 -1204000

5000

2056000

-81000

50000

-400000

11000

255000

1303000

-258000 -216000

3851000

26000

100000

-126000

600000

15700000

19497000

-1140000

1895000

-6435000

-2710000

2756000

46000

16671000

1647000

-1950000

131000

880000

203000

3040000 33833000 0

159000

30000

18474000

194000

1079000

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

Marshall Islands

October 29, 2020 -

m/v Galaxy Globe

Marshall Islands

The principal business of the Company is the ownership and operation of a fleet of dry bulk motor vessels (“m/v”), providing maritime services for the transportation of dry cargo products on a worldwide basis.

0 23000

straight-line basis

300 250 -178000

880000

253000

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.

31000

26000

P2Y6M 0 0,89 years

112000

44000

8985000

2768000

450000

0.99

0.85

25 years

0.01535 -0.0068 0.0531 50 0.99 10,000 100

562000

-3242000

9200000

674000

0.08

51000

112000

674000

0.0159

13000

10000

19024000

2356000

19037000 2366000

2066000

2066000 1250000 1250000 816000 1185000

143000

147000

183000

187000

1772000

224000

1772000

224000

40000 40000

145000

40000

185000

235000

10360 11900

139000

147000

318000 0.24 224000 235000 556000

2021-04-01

15000000 100000

0.07

0.02 0.8

96000

0.4

3100000

280

11322

117000

70000

112000

51000

674000

141000

112000

44000

400000 1772000

-189000

135000

220000

26000

80000 1739000 200000 224000 0.004

674000

2021-10-31

1500000 1000000

250

0.001

As of December 31, 2020, Goldenmare Limited owns 300 of the Company’s Series B preferred shares. Each Series B preferred share has 25,000 votes, provided that no holder of Series B preferred shares may exercise voting rights pursuant to Series B preferred shares that would result in the aggregate voting power of the beneficial owner of any such holder of Series B preferred shares, together with its affiliates, exceeding 49.99% of the total number of votes eligible to be cast on any matter submitted to a vote of shareholders.

863000

14200000

11100000

150000 150000

149579000

101858000

7600000

48242000

7079000

54000

676000

4578000

33000 31000 23000

2253000

6282000

622000

4578000

1704000

676000

6282000

179427000

97280000

6978000

5375000

83750000

162992000

11883000

62350000

18028000

2253000

4283000

1335000

22311000

3588000

22311000

3588000

104111000 8414000

179401000

92702000

4830000

4209000

87320000

2148000

2174000

4578000

1166000

5744000

26000

2174000

5744000

112000

332000

1231000

460000

2013000

579000

6920000

8074000

7197000

4797000

2914000

4615000

29902000

7752000

8971000

9458000

11165000

10896000

48242000

29902000

0.01 50000 70000 0.9 The Company used the historical ten-year blended average one-year time charter rates. 0.87 0.0406 81167 381738

500000

18400000

319000 295000 75000 79000 854000 1171000

307000

63000 56000 1953000 1435000 96000 132000

41000

47000

2000000 2000000 2000000 100000 100000 100000 100000 100000 100000 2200000 2200000 2200000

500000000

100000000

0.001

0.004

0.001

31594

32057

52235

88 180

3040123

2812

12000

375 19998 11678

12000

5550 2942848 25000

600000

140347000

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.

0.004

500000

0.004

25000

5000000

1600

32065077

3206495

175675651

1756720

0.04

10 100

1789000

8676

0.004

100

11678

1168000

0.004

342857

51393

12695000

0.004

51393

51429

0.004

51429 5550

0.004

194000

388700 388700

458500

11513000

833333

13950000

1291833 1291833

1256765

155000

0.004

1270587 1270587 1270587 130000 130000

8.5

375

11159000

250000

-17372000

-36351000

-3568000

959157

41622

31972

37000000 -448000

36552000

-741000 5970000 1487000 305000 292000 37000000 -143000 -449000 37000000

36552000

0 3309000 4109000 5970000 5970000 31030000 31030000 37000000 3309000 31030000 800000

37746000

-448000 5970000 31030000 0 37000000 800000 38487000

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

0.05 250000 450000

37000000

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 September 30, 2019 and each three-month period thereafter commencing on January 1, April 1, July 1 and October 1 in each financial year of that Borrower, with the last such three-month period commencing on June 30, 2020 and ending on September 30, 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”, which is defined as 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 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

0.1 annually

5000000

1180000

98000

307000

524000

1815000

0.0944

-1343000

0.035

97000

1783000

3217000

1691000

2528000

0 800000

180

50000

40000

2812

40000

661000

664000

607000

1574000

1884000

2721000

434000

517000

501000

787000 820000 1000000

260000

327000

330000

160000

224000

281000

2117000

1634000

716000

213000 240000 191000

4865000

4670000

4766000

1013000 1006000 778000

143000

98000

103000

1000

3000

5000

12000

7000

9000

3000 2000 2000

130000

116000

118000

346000

160000

265000

243000 191000 76000

3721000

3603000

2004000

69000

28000

29000

293000 383000 23000

28000

638000

44000

51000

3078000 0 3078000 0

1.14

850000 15 15 0.1 0.1 -0.1

0.06

0.94

0.22

0.78

0.21

0.17

0.62

751000

11002000

3476000

12147000

3679000

2873000

10802000

2159000

1971000

4758000

4735000

9325000

6858000

32788000

48971000

11506000

3882000

42814000

1000

58203000

21103000 4801000 6977000 58484000 40663000 0.27 0.83 -55000 -57000 73000 75000 -20 -20 -0.1 -255000 -258000 255000 258000

2302000

6752000

32362000

41416000

4674000

3776000

42247000

50697000

42587000 2902000 -493000

15897000

33686000

15897000 33686000

106000

426000

638000

126000

106000

567000

1000

800000

0.1 0.6 0.8

37346000

622000

38487000

37000000

38487000

37346000 37961000 39853000

0.004

445000

0.004

1950000

0.004

6.25

950000 4800000

0.004

6.25

80655 82027

27000000

16500000

16200000

10000

34250000

Libor

0.0375

130000 130000

2155000

3850000

150000

160000

6000000 31000000

15108000

27891000

<div class="Section1">2.1 Basis of Preparation: 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. Going concern basis of accounting:  As of December 31, 2019, the Company reported a working capital deficit of $3,242 and accumulated deficit of $135,648. The low charter rates for dry bulk vessels as a result of the coronavirus outbreak and its effects on world trade and financial markets adversely affected the Company. The Company’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 became due in the twelve-month period ending following the issuance of the 2019 consolidated financial statements and the Company may not have been 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 the 2019 financial statements. These conditions raised substantial doubt about the entity's ability to continue as a going concern. On June 22, 2020, June 30, 2020, July 21, 2020 and December 9, 2020, the Company completed follow-on equity offerings that provided the Company with additional liquidity (refer to Note 9). As of December 31, 2020, the Company reported a working capital surplus of $9.2 million and was in compliance with its debt covenants. Subsequently, on January 29, 2021 and February 17, 2021, the Company completed additional follow-on equity offerings that provided the Company with further liquidity (refer to Note 22). The Company’s cash flow projections indicate that the Company is expected to be able to meet the debt covenants on the applicable measurement dates falling due in the twelve-month period ending following the issuance of these consolidated financial statements and that cash on hand and cash to be provided by operating activities will 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. Impact of COVID-19 on the Company’s Business The spread of the COVID-19 virus, which has been declared a pandemic by the World Health Organization in 2020 has caused substantial disruptions in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity and duration of which remains uncertain. The impact of the COVID-19 pandemic continues to unfold and may continue to have negative effect on the Company’s business, financial performance and the results of its operations, including due to decreased demand for global seaborne dry bulk trade and dry bulk charter rates, the extent of which will depend largely on future developments. As a result, many of the Company’s estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company’s estimates may change in future periods. Besides reducing demand for cargo, coronavirus may functionally limit the amount of cargo that the Company and its 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. The pandemic had a negative impact on the Company’s voyage revenues for the year ended December 31, 2020, which reached $11,753 compared to $15,623 for the same period in 2019. The decrease in voyage revenues is attributed to the low freight rates achieved during 2020 due to the outbreak of COVID-19 virus. The Company has evaluated the impact of the current economic situation on the recoverability of the carrying amount of its vessels. During the first quarter of 2020, the Company concluded that events and circumstances triggered the existence of potential impairment of its vessels. These indicators included volatility in the charter market as well as the potential impact the current marketplace may have on the future operations. As a result, the Company performed an impairment assessment of the Company’s vessels by comparing the discounted projected net operating cash flows for each vessel to its carrying values. For the first quarter of 2020, the Company concluded that the recoverable amounts of the vessels were lower than their carrying amounts and an impairment loss of $4,615 was recorded (Note 5). Subsequently, the Company has re-assessed impairment indicators and performed an impairment test on the recoverability of the carrying amount of its vessels as of December 31, 2020 using discounted projected net operating cash flows for each vessel and concluded that no further impairment of its vessels should be recorded or previously recognized impairment should be reversed.  Statement of Compliance: These consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Basis of Consolidation: 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. 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.</div>

<div class="Section1">2.2 Standards amendments and interpretations: 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, 2020: •                Conceptual Framework in IFRS standardsThe 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. For preparers who develop accounting policies based on the Conceptual Framework, it is effective for annual periods beginning on or after 1 January 2020. •                IFRS 3: Business Combinations (Amendments)The IASB issued amendments in Definition of a Business (Amendments to IFRS 3) aimed at resolving the difficulties that arise when an entity determines whether it has acquired a business or a group of assets. 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 has assessed that this amendment had no impact on the Company’s financial position or performance as there were no business combinations during the year ended December 31, 2020. •                IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of ‘material’ (Amendments)The Amendments clarify the definition of material and how it should be applied. The new definition states that, “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”. 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 has assessed that this amendment had no impact on the Company’s financial position or performance. •                Interest Rate Benchmark Reform - IFRS 9, IAS 39 and IFRS 7 (Amendments)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. 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 provide 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. There are also amendments to IFRS 7 Financial Instruments: Disclosures regarding additional disclosures around uncertainty arising from the interest rate benchmark reform. The amendments are effective for annual periods beginning on or after January 1, 2020 and must be applied retrospectively. Phase two (ED) focuses on issues that could affect financial reporting when an existing interest rate benchmark is replaced with a risk-free interest rate (an RFR). Management has assessed that this amendment had no impact on the Company’s financial position or performance.   Standards issued but not yet effective and not early adopted: •                Amendment in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint VentureThe amendments address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28, in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). 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. Management has assessed that this amendment will have no impact on the Company’s financial position or performance. •                IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (Amendments)The amendments are effective for annual reporting periods beginning on or after January 1, 2022 with earlier application permitted. However, in response to the covid-19 pandemic, the Board has deferred the effective date by one year, i.e. January 1, 2023, to provide companies with more time to implement any classification changes resulting from the amendments. The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current or non-current. The amendments affect the presentation of liabilities in the statement of financial position and do not change existing requirements around measurement or timing of recognition of any asset, liability, income or expenses, nor the information that entities disclose about those items. Also, the amendments clarify the classification requirements for debt which may be settled by the company issuing own equity instruments. Management has assessed that these amendments will have no impact on the Company’s financial position or performance. •                IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets as well as Annual Improvements 2018-2020 (Amendments)The amendments are effective for annual periods beginning on or after January 1, 2022, with earlier application permitted. The IASB has issued narrow-scope amendments to the IFRS Standards as follows:<ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-top:14pt; margin-left:66.39pt; text-align:justify; padding-left:5.06pt; font-family:serif; font-size:10pt">IFRS 3 Business Combinations (Amendments) update a reference in IFRS 3 to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations.</li><li style="margin-left:66.39pt; text-align:justify; padding-left:5.06pt; font-family:serif; font-size:10pt">IAS 16 Property, Plant and Equipment (Amendments) prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognize such sales proceeds and related cost in profit or loss.</li><li style="margin-left:66.39pt; text-align:justify; padding-left:5.06pt; font-family:serif; font-size:10pt">IAS 37 Provisions, Contingent Liabilities and Contingent Assets (Amendments) specify which costs a company includes in determining the cost of fulfilling a contract for the purpose of assessing whether a contract is onerous.</li><li style="margin-left:66.39pt; text-align:justify; padding-left:5.06pt; font-family:serif; font-size:10pt">Annual Improvements 2018-2020 make minor amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IAS 41 Agriculture and the Illustrative Examples accompanying IFRS 16 Leases.</li></ul> Management has assessed that these amendments will have no impact on the Company’s financial position or performance. •                IFRS 16 Leases-Cοvid 19 Related Rent Concessions (Amendment)The amendment applies, retrospectively, to annual reporting periods beginning on or after June 1, 2020. Earlier application is permitted, including in financial statements not yet authorized for issue at May 28, 2020. IASB amended the standard to provide relief to lessees from applying IFRS 16 guidance on lease modification accounting for rent concessions arising as a direct consequence of the covid-19 pandemic. The amendment provides a practical expedient for the lessee to account for any change in lease payments resulting from the covid-19 related rent concession the same way it would account for the change under IFRS 16, if the change was not a lease modification, only if all of the following conditions are met: <ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-top:14pt; margin-left:48.39pt; text-align:justify; padding-left:23.06pt; font-family:serif; font-size:10pt">The change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change.</li><li style="margin-left:48.39pt; text-align:justify; padding-left:23.06pt; font-family:serif; font-size:10pt">Any reduction in lease payments affects only payments originally due on or before June 30, 2021.</li><li style="margin-left:48.39pt; text-align:justify; padding-left:23.06pt; font-family:serif; font-size:10pt">There is no substantive change to other terms and conditions of the lease.</li></ul>  Management has assessed that these amendments will have no impact on the Company’s financial position or performance.  •                Interest Rate Benchmark Reform – Phase 2 – IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (Amendments)In August 2020, the IASB published Interest Rate Benchmark Reform – Phase 2, Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16, completing its work in response to IBOR reform. The amendments provide temporary reliefs which address the financial reporting effects when an interbank offered rate (IBOR) is replaced with an alternative nearly risk-free interest rate (RFR). In particular, the amendments provide for a practical expedient when accounting for changes in the basis for determining the contractual cash flows of financial assets and liabilities, to require the effective interest rate to be adjusted, equivalent to a movement in a market rate of interest. Also, the amendments introduce reliefs from discontinuing hedge relationships including a temporary relief from having to meet the separately identifiable requirement when an RFR instrument is designated as a hedge of a risk component. Furthermore, the amendments to IFRS 4 are designed to allow insurers who are still applying IAS 39 to obtain the same reliefs as those provided by the amendments made to IFRS 9. There are also amendments to IFRS 7 Financial Instruments: Disclosures to enable users of financial statements to understand the effect of interest rate benchmark reform on an entity’s financial instruments and risk management strategy. The amendments are effective for annual periods beginning on or after January 1, 2021, with earlier application permitted. While application is retrospective, an entity is not required to restate prior periods. Management has assessed that these amendments will have no impact on the Company’s financial position or performance.</div>

<div class="Section1">2.3 Significant accounting policies, judgments, estimates and assumptions: The preparation of consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amounts of revenues and expenses recognised during the reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future. Judgments: In the process of applying the Company’s accounting policies, management has made the following judgments that had a significant effect on the amounts recognised in the consolidated financial statements. <ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:33.19pt; text-align:justify; padding-left:5.06pt; font-family:serif; font-size:10pt">Allowance for doubtful trade accounts receivable: The Company measures allowance for all trade accounts receivable under the simplified model using the lifetime expected credit loss (“ECL”) approach. When estimating ECLs, the Company considers reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions. Provisions for doubtful trade accounts receivable as of December 31, 2020 and 2019, were nil and $23, respectively.</li></ul> Estimates and assumptions: 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. 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. <ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:33.19pt; text-align:justify; padding-left:5.06pt; font-family:serif; font-size:10pt">Carrying amount of vessels, net: Vessels are stated at cost, less accumulated depreciation (including depreciation of dry-docking costs and the amortization of the component attributable to favourable or unfavourable lease terms relative to market terms) 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.</li></ul> <ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:33.19pt; text-align:justify; padding-left:5.06pt; font-family:serif; font-size:10pt">Impairment of Non-Financial Assets: The Company’s impairment test for non-financial assets is based on the assets’ 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, 2020 and 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. See notes 2.13 and 5.</li></ul> <ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:33.19pt; text-align:justify; padding-left:5.06pt; font-family:serif; font-size:10pt">Share based payments: The Company measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. 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.</li></ul></div>

<div class="Section1">2.4 Accounting for revenue and related expenses: 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. 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. Interest income: interest income is recognised as interest on an accrual basis. Voyage expenses: 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 which is 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. Vessel operating expenses: Vessel operating costs include crew costs, provisions, deck and engine stores, lubricating oil, 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.</div>

<div class="Section1">2.5 Foreign currency translation: The functional currency of Globus and its subsidiaries is the U.S. dollar, which is also the presentation currency of the Company, since the Company’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.</div>

<div class="Section1">2.7 Trade accounts receivable, net: The amount shown as trade accounts receivable at each financial position date includes estimated recoveries from charterers for hire, net of an allowance for doubtful accounts. Trade accounts receivable without a significant financing component are initially measured at their transaction price and subsequently 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, 2020 was nil (2019: $23).</div>

<div class="Section1">2.9 Vessels, net: Vessels are stated at cost, less accumulated depreciation (including depreciation of dry-docking costs and amortization of components attributable to favourable or unfavourable lease terms relative to market terms) and accumulated impairment losses. Vessel cost consists of the contract price for the vessel and any material expenses incurred upon acquisition (initial repairs, improvements and delivery expenses, interest, commissions paid and on-site supervision costs incurred during the construction periods). 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.</div>

<div class="Section1">2.10 Deferred dry-docking costs: 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. 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. </div>

<div class="Section1"> 2.13 Impairment of non-financial assets: The Company assesses at each reporting date whether there is an indication that a vessel may be impaired. The vessel’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’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’s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life (refer to note 5).</div>

<div class="Section1">2.15  Financing costs: Fees incurred for obtaining new loans or refinancing existing loans are deferred and amortized over the life of the related debt, using the effective interest rate method. Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period the repayment or refinancing is made. For the year ended December 31, 2020, the Company did not incur any financing costs. For the year ended December 31, 2019, the Company deferred financing costs of $880, which relate to the costs incurred for the loan agreement with EnTrust Global’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 relates to the costs incurred for the loan agreement with Macquarie Bank International Limited (see Note 11 for more details).</div>

<div class="Section1">2.19 Pension and retirement benefit obligations: The crew on board the vessels owned by the ship-owning companies, wholly owned subsidiaries of 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.   Provision for employees’ severance compensation: 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’ retirement compensation liability which amounted to $31 as at December 31, 2020 (2019: $26), calculated by using the Projected Unit Credit Method and disclosed under non-current liabilities in the consolidated statement of financial position.</div>

<div class="Section1">2.20 Offsetting of financial assets and liabilities: 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.</div>

<div class="Section1"> 2.21 Financial assets and liabilities:  i. Classification and measurement of financial assets and financial liabilities 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. 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. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:<ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-top:14pt; margin-left:45.05pt; text-align:justify; padding-left:11.65pt; font-family:serif; font-size:10pt">it is held within a business model whose objective is to hold assets to collect contractual cash flows; and</li><li style="margin-left:45.05pt; text-align:justify; padding-left:11.65pt; font-family:serif; font-size:10pt">its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</li></ul>   A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: <ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-top:14pt; margin-left:45.05pt; text-align:justify; padding-left:11.65pt; font-family:serif; font-size:10pt">it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and</li><li style="margin-left:45.05pt; text-align:justify; padding-left:11.65pt; font-family:serif; font-size:10pt">its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</li></ul>   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. 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. ii. Impairment of financial assets IFRS 9 replaced the “incurred loss” model in IAS 39 with an “expected credit loss” (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. The financial assets at amortized cost consist of trade accounts receivable and cash and cash equivalents. Under IFRS 9, loss allowances are measured on either of the following bases: <ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-top:14pt; margin-left:45.05pt; text-align:justify; padding-left:11.65pt; font-family:serif; font-size:10pt">12-month ECLs: these are ECLs that result from possible default events within the 12 months after the reporting date; and</li><li style="margin-left:45.05pt; text-align:justify; padding-left:11.65pt; font-family:serif; font-size:10pt">lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument.</li></ul> 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's historical experience and informed credit assessment and including forward-looking information. The Company assumes that the credit risk on a financial asset has increased significantly if it is more than 180 days past due. The Company considers a financial asset to be in default when:  <ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-top:14pt; margin-left:45.05pt; text-align:justify; padding-left:11.65pt; font-family:serif; font-size:10pt">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</li><li style="margin-left:45.05pt; text-align:justify; padding-left:11.65pt; font-family:serif; font-size:10pt">the financial asset is more than 1 year past due.</li></ul> The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk. 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. 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's impairment requirements at January 1, 2018, did not result to any additional impairment allowance. iii. Derecognition of financial assets  A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognised where: <ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-top:14pt; margin-left:45.05pt; text-align:justify; padding-left:11.65pt; font-family:serif; font-size:10pt">the rights to receive cash flows from the asset have expired;</li><li style="margin-left:45.05pt; text-align:justify; padding-left:11.65pt; font-family:serif; font-size:10pt">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 “pass-through” arrangement; or</li><li style="margin-left:45.05pt; text-align:justify; padding-left:11.65pt; font-family:serif; font-size:10pt">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.</li></ul>   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’s continuing involvement in the asset. 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.  iv. Derecognition of Financial liabilities:  A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability and, the difference in the respective carrying amounts is recognised in profit or loss.</div>

<div class="Section1">2.22 Leases: 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 (“lessee”) and the supplier (“lessor”). The new standard requires lessees to recognize most leases on their financial statements. Lessees will have a single accounting model for all leases, with certain exemptions. Lessor accounting is substantially unchanged.  The Company has initially adopted IFRS 16 on January 1, 2019 using the modified retrospective approach under which the comparative information presented for 2018 has not been restated and is presented as it was previously reported under IAS 17 and related interpretations. 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. Leases – where the Company is the lessee: The Company applies a single recognition and measurement approach for all leases, except for short term leases and leases of low value assets. 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. 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. 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 years ended December 31, 2020 and 2019 was approximately $112 for both years and the interest expense on lease liabilities for the years ended December 31, 2020 and 2019 was approximately $44 and $51, respectively. As of December 31, 2020 and 2019, the net carrying in amount of the right of use asset was $450 and $562, respectively.</div> <div class="Section1">Leases – where an entity is the lessor: 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. Lease income on operating leases is recognised on a straight-line basis over the lease term. Contingent rents are recognised as revenue in the period in which they are earned. 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 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’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 $8,985 for the year ended December 31, 2020. The lease component that is disclosed then is calculated as the difference between total revenue and the non-lease component revenue and was approximately $2,768 for the year ended December 31, 2020.</div>

<div class="Section1"> 2.26 Dividends: Dividends to shareholders are recognised in the period in which the dividends are declared and appropriately authorised and are accounted for as dividends payable until paid.</div>

<div class="Section1">2.27 Fair value measurement: The Company measures financial instruments, such as, derivatives and non-financial assets at fair value at each reporting date. In addition, fair values of financial instruments measured at amortised cost are disclosed in note 21. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either, a) in the principal market for the asset or the liability or b) in the absence of a principal market, in the most advantageous market for the asset or liability both being accessible by the Company. The fair value of an asset or a liability is measured using the assumptions that the market participants would use when pricing the asset or liability, assuming that the market participants act in their best economic interest. A fair value measurement of a non-financial asset takes into account the market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.  The Company uses the following hierarchy for determining and disclosing the fair value of assets and liabilities by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. For assets and liabilities that are recognised in the consolidated financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing categorization at the end of each reporting period. The Company engaged independent valuation specialists to determine the fair value of non-financial assets.</div>

<div class="Section1">2.29 Embedded Derivatives: 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):  (a) the economic characteristics and risks of the embedded derivative are not closely related to the economic characteristics and risks of the host;(b) a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and(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). The Company’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. The Company has determined there are derivative financial liabilities as of December 31, 2019 (see Note 11). The fair value of the embedded derivative instruments at December 31, 2019, was 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 did 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 US 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 US Treasury Bill as at December 31, 2019 and, (g) conversion and floor price of $100 per share. The Company fully repaid the outstanding balances not previously converted under the Firment Credit Facility and the Convertible Note in 2020.</div>

<div class="Section1"><table cellspacing="0" cellpadding="0" style="width:100%; border-collapse:collapse"><tr><td style="width:24%; border-bottom-style:solid; border-bottom-width:1pt; padding-left:5.4pt; padding-bottom:0.5pt; vertical-align:bottom">Company</td><td style="width:2%; padding-bottom:1pt; vertical-align:bottom"> </td><td style="width:24%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Country of Incorporation</td><td style="width:2%; padding-bottom:1pt; vertical-align:bottom"> </td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom"> </td><td style="width:21%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Vessel DeliveryDate</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom"> </td><td style="width:2%; padding-bottom:1pt; vertical-align:bottom"> </td><td style="width:23%; border-bottom-style:solid; border-bottom-width:1pt; padding-left:5.4pt; vertical-align:bottom">Vessel Owned</td></tr><tr><td style="vertical-align:bottom">Globus Shipmanagement Corp.</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">Marshall Islands</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">-</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">Management Co.</td></tr><tr><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td></tr><tr><td style="vertical-align:bottom">Devocean Maritime Ltd.</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">Marshall Islands</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">December 18, 2007</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">m/v River Globe</td></tr><tr><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td></tr><tr><td style="vertical-align:bottom">Domina Maritime Ltd.</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">Marshall Islands</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">May 19, 2010</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">m/v Sky Globe</td></tr><tr><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td></tr><tr><td style="vertical-align:bottom">Dulac Maritime S.A.</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">Marshall Islands</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">May 25, 2010</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">m/v Star Globe</td></tr><tr><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td></tr><tr><td style="vertical-align:bottom">Artful Shipholding S.A.</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">Marshall Islands</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">June 22, 2011</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">m/v Moon Globe</td></tr><tr><td style="padding-left:5.4pt; vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="padding-left:5.4pt; vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="padding-left:5.4pt; vertical-align:bottom"> </td></tr><tr><td style="vertical-align:bottom">Longevity Maritime Limited</td><td style="vertical-align:bottom"> </td><td style="padding-left:5.4pt; vertical-align:bottom">Malta</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">September 15, 2011</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="padding-left:5.4pt; vertical-align:bottom">m/v Sun Globe</td></tr><tr><td style="padding-left:5.4pt; vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="padding-left:5.4pt; vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="padding-left:5.4pt; vertical-align:bottom"> </td></tr><tr><td style="vertical-align:bottom">Serena Maritime Limited</td><td style="vertical-align:bottom"> </td><td style="padding-left:5.4pt; vertical-align:bottom">Marshall Islands</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">October 29, 2020</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="padding-left:5.4pt; vertical-align:bottom">m/v Galaxy Globe</td></tr><tr><td style="padding-left:5.4pt; vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="padding-left:5.4pt; vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="padding-left:5.4pt; vertical-align:bottom"> </td></tr><tr><td style="vertical-align:bottom">Talisman Maritime Limited</td><td style="vertical-align:bottom"> </td><td style="padding-left:5.4pt; vertical-align:bottom">Marshall Islands</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom">-</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="padding-left:5.4pt; vertical-align:bottom">-</td></tr></table> </div>

<div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:80%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="2" style="vertical-align:bottom">December 31,</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td></tr><tr><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Vessels</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2019</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Recoverable amount</td></tr><tr><td style="width:33%; vertical-align:bottom; background-color:#cceeff">m/v River Globe</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:31%; vertical-align:bottom; background-color:#cceeff">7,752</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:32%; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff">At fair value less costs of disposal</td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">m/v Sky Globe</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">8,971</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff">At fair value less costs of disposal</td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff">m/v Star Globe</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">9,458</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff">At fair value less costs of disposal</td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">m/v Sun Globe</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">11,165</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff">At fair value less costs of disposal</td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">m/v Moon Globe</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">10,896</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-left:5.4pt; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">At value in use</td></tr><tr><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff">Total:</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">48,242</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-left:5.4pt; padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td></tr></table></div> </div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:90%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="6" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">December 31,</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2020</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2019</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="width:74%; vertical-align:bottom; background-color:#cceeff">Lubricants</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">319</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">295</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">Gas cylinders</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">75</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">79</td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">Bunkers</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">854</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">1,171</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff">Total</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">1,248</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">1,545</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td></tr></table></div> </div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:90%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="6" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">December 31,</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2020</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2019</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="width:74%; vertical-align:bottom; background-color:#cceeff">Accrued interest</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">-</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">307</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">Accrued audit fees</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">63</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">56</td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff">Other accruals</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">1,953</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">1,435</td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">Insurance deductibles</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">96</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">132</td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">Other payables</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">47</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">41</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff">Total</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">2,159</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">1,971</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td></tr></table></div> </div>

<div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:85%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="vertical-align:bottom">Common Shares issued and fully paid</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Number of shares</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">USD</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="width:74%; vertical-align:bottom; background-color:#cceeff">As at January 1, 2018</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">31,594</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">-</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">Issued during the year for share based compensation (note 12)</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">88</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">-</td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">Issuance of common stock due to exercise of warrants</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">375</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">-</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">As at December 31, 2018</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">32,057</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">-</td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff">Issued during the year for share based compensation (note 12)</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">180</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">-</td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">Issuance of common stock due to conversion of loan</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">19,998</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff">As at December 31, 2019</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">52,235</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">-</td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">Issued during the year for share based compensation (note 12)</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">2,812</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">-</td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff">Issuance of common stock due to conversion of loan</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">11,678</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">-</td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">Issuance of new common stocks</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">2,942,848</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">12</td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff">Issuance of common stock due to exercise of pre-funded warrants</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">25,000</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">-</td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">Issuance of common stock due to exercise of warrants</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">5,550</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff">As at December 31, 2020</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff">3,040,123</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff">12</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td></tr></table></div> </div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:90%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="10" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">For the year ended December 31,</td><td style="vertical-align:bottom"> </td></tr><tr><td style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2020</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2019</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2018</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="width:61%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">Loss attributable to common equity holders</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">(17,372</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">)</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">(36,351</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">)</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">(3,568</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">)</td></tr><tr><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff">Weighted average number of shares for basic and diluted LPS</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">959,157</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">41,622</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">31,972</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td></tr></table></div> </div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:90%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom"> Borrower</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Loan Balance</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Unamortized Debt Discount</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Total Borrowings</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="width:2%; vertical-align:top; background-color:#ffffff">(a)</td><td style="width:1%; vertical-align:bottom; background-color:#ffffff"> </td><td style="width:1%; vertical-align:bottom; background-color:#ffffff"> </td><td style="width:57%; vertical-align:bottom; background-color:#cceeff">Devocean Maritime LTD., Domina Maritime LTD., Dulac Maritime S.A., Artful Shipholding S.A. & Longevity Maritime Limited</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">37,000</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">(448</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff">)</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">36,552</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#cceeff">Total at December 31, 2020</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">37,000</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">(448</td><td style="vertical-align:bottom; background-color:#cceeff">)</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">36,552</td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">Less: Current Portion</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">(5,970</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">)</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">305</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">(5,665</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">)</td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff">Long-Term Portion</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff">31,030</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff">(143</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff">)</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff">30,887</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#cceeff">Total at December 31, 2019</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">38,487</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">(741</td><td style="vertical-align:bottom; background-color:#cceeff">)</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">37,746</td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">Less: Current Portion</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">(1,487</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">)</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">292</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">(1,195</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">)</td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff">Long-Term Portion</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff">37,000</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff">(449</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff">)</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff">36,551</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td></tr></table></div> </div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:50%; margin-left:20.5pt; border-collapse:collapse; text-align:left"><tr><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">December 31,</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">EnTrust</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="width:82.38%; vertical-align:bottom; background-color:#cceeff">2021</td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1.46%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:14.04%; vertical-align:bottom; background-color:#cceeff">5,970</td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">2022</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">31,030</td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">2023 and thereafter</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">-</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff">Total</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">37,000</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td></tr></table>   <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:90%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="2" style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="2" style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="2" style="vertical-align:bottom">(c)</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="2" style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td></tr><tr><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">December 31,</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">(a) EnTrust</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">(b) Firment</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Convertible Note</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Total </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="width:48%; vertical-align:bottom; background-color:#cceeff">2020</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">-</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">800</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff">*</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">3,309</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff">*</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">4,109</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">2021</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">5,970</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">-</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">-</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">5,970</td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">2022 and thereafter</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">31,030</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">-</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">-</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">31,030</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff">Total</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">37,000</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">800</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">3,309</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">41,109</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td></tr></table></div> * This table represents the maturities before the waivers/extensions acquired within the first quarter of 2020.</div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:90%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="padding-bottom:1pt; vertical-align:bottom">Year 2020</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Number of common shares</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Number of preferred shares</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Share premium</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Retained earnings</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="width:48%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">Non-executive directors’ payment</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">2,812</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">-</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">40</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">-</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff">Balance at December 31, 2020</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">2,812</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">40</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td></tr></table></div> <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:90%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="padding-bottom:1pt; vertical-align:bottom">Year 2019</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Number of common shares</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Number of preferred shares</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Share premium</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Retained earnings</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="width:48%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">Non-executive directors’ payment</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">180</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">-</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">40</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">-</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff">Balance at December 31, 2019</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">180</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">40</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td></tr></table></div> <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:90%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="padding-bottom:1pt; vertical-align:bottom">Year 2018</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Number of common shares</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Number of preferred shares</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Share premium</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Retained earnings</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="width:48%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">Non-executive directors’ payment (1)</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">88</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">-</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">50</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">-</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff">Balance at December 31, 2018</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">88</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">50</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td></tr></table></div> (1) These amounts relate to the shares issued in 2018, not to the shares approved for issuance for the year.</div> <div class="Section1">Voyage expenses consisted of: <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:90%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="10" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">For the year ended December 31,</td><td style="vertical-align:bottom"> </td></tr><tr><td style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2020</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2019</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2018</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="width:61%; vertical-align:bottom; background-color:#cceeff">Commissions</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">160</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">224</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">281</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">Bunkers expenses</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">2,117</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">1,634</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">716</td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">Other voyage expenses</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">213</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">240</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">191</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff">Total</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">2,490</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">2,098</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">1,188</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td></tr></table></div>  Vessel operating expenses consisted of: <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:90%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="10" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">For the year ended December 31,</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2020</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2019</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2018</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="width:61%; vertical-align:bottom; background-color:#cceeff">Crew wages and related costs</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">4,865</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">4,670</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">4,766</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">Insurance</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">661</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">664</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">607</td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff">Spares, repairs and maintenance</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">1,574</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">1,884</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">2,721</td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">Lubricants</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">434</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">517</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">501</td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff">Stores</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">787</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">820</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">1,000</td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">Other</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">260</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">327</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">330</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff">Total</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff">8,581</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff">8,882</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff">9,925</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td></tr></table></div> </div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:90%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="10" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">For the year ended December 31,</td><td style="vertical-align:bottom"> </td></tr><tr><td style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2020</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2019</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2018</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="width:61%; vertical-align:bottom; background-color:#cceeff">Personnel expenses</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">1,013</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">1,006</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">778</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">Audit fees</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">143</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">98</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">103</td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff">Travelling expenses</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">1</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">3</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">5</td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">Consulting fees</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">243</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">191</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">76</td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff">Communication</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">12</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">7</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">9</td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">Stationery</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">3</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">2</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">2</td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff">Greek tax authorities (note 19)</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">130</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">116</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">118</td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">Other</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">346</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">160</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">265</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff">Total</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff">1,891</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff">1,583</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff">1,356</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td></tr></table></div> </div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:90%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="10" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">For the year ended December 31,</td><td style="vertical-align:bottom"> </td></tr><tr><td style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2020</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2019</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2018</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="width:61%; vertical-align:bottom; background-color:#cceeff">Interest payable on long-term borrowings</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">3,721</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">3,603</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">2,004</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">Bank charges</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">69</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">28</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">29</td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff">Amortization of debt discount</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">293</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">383</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">23</td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">Operating lease liability interest</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">44</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">51</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">-</td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">Other finance expenses</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">28</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">638</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">-</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff">Total</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">4,155</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">4,703</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">2,056</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td></tr></table></div> </div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:90%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2020</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2019</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="width:74%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">Within one year</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">3,078</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">-</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff">Total</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">3,078</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td></tr></table></div> </div>

<div class="Section1"><table cellspacing="0" cellpadding="0" style="width:90%; margin-right:9pt; margin-left:9pt; border-collapse:collapse; float:right"><tr><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Increase/(Decrease) in basis points</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Effect on loss</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="padding-left:9.45pt; vertical-align:bottom; background-color:#cceeff">2020</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="width:63.22%; padding-left:9.45pt; vertical-align:bottom; background-color:#ffffff">$ Libor</td><td style="width:0.6%; vertical-align:bottom; background-color:#ffffff"> </td><td style="width:2.56%; vertical-align:bottom; background-color:#ffffff"> </td><td style="width:25.54%; vertical-align:bottom; background-color:#ffffff">+15</td><td style="width:0.6%; vertical-align:bottom; background-color:#ffffff"> </td><td style="width:0.6%; vertical-align:bottom; background-color:#ffffff"> </td><td style="width:0.6%; vertical-align:bottom; background-color:#ffffff"> </td><td style="width:5.5%; vertical-align:bottom; background-color:#ffffff">(57</td><td style="width:0.8%; vertical-align:bottom; background-color:#ffffff">)</td></tr><tr><td style="padding-left:9.45pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">-20</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">75</td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-left:9.45pt; vertical-align:bottom; background-color:#ffffff">2019</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="padding-left:9.45pt; vertical-align:bottom; background-color:#cceeff">$ Libor</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">+15</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">(55</td><td style="vertical-align:bottom; background-color:#cceeff">)</td></tr><tr><td style="padding-left:9.45pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">-20</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">73</td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr></table> </div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:90%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Change in rate</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Effect on loss</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="width:74%; vertical-align:bottom; background-color:#cceeff">2020</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">+10</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff">%</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">(258</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff">)</td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">-10</td><td style="vertical-align:bottom; background-color:#ffffff">%</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">258</td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">2019</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">+10</td><td style="vertical-align:bottom; background-color:#ffffff">%</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">(255</td><td style="vertical-align:bottom; background-color:#ffffff">)</td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">-10</td><td style="vertical-align:bottom; background-color:#cceeff">%</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">255</td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr></table></div> </div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:90%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2020</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">%</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2019</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">%</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2018</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">%</td><td style="vertical-align:bottom"> </td></tr><tr><td style="width:34%; vertical-align:bottom; background-color:#cceeff">A</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:8%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">751</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:8%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">6</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff">%</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:8%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">3,476</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:8%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">22</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff">%</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:8%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">3,679</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:8%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">21</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff">%</td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">B</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">2,873</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">17</td><td style="vertical-align:bottom; background-color:#ffffff">%</td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff">Other</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">11,002</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">94</td><td style="vertical-align:bottom; background-color:#cceeff">%</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">12,147</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">78</td><td style="vertical-align:bottom; background-color:#cceeff">%</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">10,802</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">62</td><td style="vertical-align:bottom; background-color:#cceeff">%</td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">Total</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">11,753</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">100</td><td style="vertical-align:bottom; background-color:#ffffff">%</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">15,623</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">100</td><td style="vertical-align:bottom; background-color:#ffffff">%</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">17,354</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">100</td><td style="vertical-align:bottom; background-color:#ffffff">%</td></tr></table></div> </div>

<div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:90%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="6" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">December 31,</td><td style="vertical-align:bottom"> </td></tr><tr><td style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2020</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2019</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="width:74%; vertical-align:bottom; background-color:#cceeff">Interest bearing loans</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">37,000</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">38,487</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">Cash (including restricted cash)</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">(21,103</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">)</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">(4,801</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">)</td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff">Net debt</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">15,897</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">33,686</td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff">Equity</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">42,094</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">9,879</td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">Adjustment for the market value of vessels (charter-free)</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">493</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">(2,902</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">)</td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">Adjusted book capitalization</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">42,587</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">6,977</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">Adjusted book capitalization plus net debt</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">58,484</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">40,663</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">Ratio</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">27</td><td style="vertical-align:bottom; background-color:#ffffff">%</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">83</td><td style="vertical-align:bottom; background-color:#ffffff">%</td></tr></table></div>   The following reconciliation is provided: <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:90%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="6" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">December 31,</td><td style="vertical-align:bottom"> </td></tr><tr><td style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2020</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2019</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="width:74%; vertical-align:bottom; background-color:#cceeff">Debt in accordance with IFRS (long and short-term borrowings)</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">36,552</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">37,746</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">Add: Unamortized debt discount</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">448</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">741</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">37,000</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">38,487</td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">Less: Cash and bank balances and bank deposits (including restricted cash)</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">21,103</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">4,801</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">Net debt</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">15,897</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">33,686</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td></tr></table></div> </div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:100%; border-collapse:collapse"><tr><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="14" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Fair value</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">(in thousands of USD)</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Carrying amount</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Level 1</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Level 2</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Level 3</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Total</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">December 31, 2020</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">Other financial liabilities</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">Financial liabilities not measured at fair value</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="width:30%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">Long-term borrowings</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:15%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">37,000</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">-</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">37,961</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">-</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">37,961</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">37,000</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td></tr></table> <table cellspacing="0" cellpadding="0" style="width:100%; border-collapse:collapse"><tr><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="vertical-align:bottom">Carrying amount</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="14" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Fair value</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">(in thousands of USD)</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Assets</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Level 1</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Level 2</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Level 3</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Total</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">December 31, 2019</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff">Non-financial assets measured at fair value</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="width:30%; padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">Vessels (see also note 5)</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="width:15%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">37,346</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">37,346</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">37,346</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">37,346</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">Other financial liabilities</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff">Financial liabilities measured at fair value</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">Derivative financial instruments</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">622</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">622</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">622</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">622</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff">Financial liabilities not measured at fair value</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">Long-term borrowings</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">38,487</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">39,853</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">39,853</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="padding-left:5.4pt; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">38,487</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td></tr></table> </div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:100%; border-collapse:collapse"><tr><td style="width:2%; vertical-align:middle"> </td><td style="width:40%; vertical-align:middle">Financial instruments measured at fair value</td><td style="width:1%; vertical-align:middle"> </td><td style="width:30%; vertical-align:middle"> </td><td style="width:2%; vertical-align:middle"> </td><td style="width:25%; vertical-align:middle"> </td></tr><tr><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td></tr><tr><td style="vertical-align:middle"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Type</td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:middle"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Valuation Techniques</td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:middle"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:middle">Significant unobservable inputs</td></tr><tr><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td></tr><tr><td style="vertical-align:middle"> </td><td style="vertical-align:middle">Vessels</td><td style="vertical-align:middle"> </td><td style="vertical-align:middle">Quoted (unadjusted) prices in active markets for identical assets less costs of disposal</td><td style="vertical-align:middle"> </td><td style="vertical-align:middle">-</td></tr><tr><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td></tr><tr><td style="vertical-align:middle"> </td><td style="vertical-align:middle">Derivative financial instruments:</td><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td></tr><tr><td style="vertical-align:middle"> </td><td style="vertical-align:middle">Firment </td><td style="vertical-align:middle"> </td><td style="vertical-align:middle">Black-Scholes model </td><td style="vertical-align:middle"> </td><td style="vertical-align:middle">  Refer to note 2.29</td></tr><tr><td style="vertical-align:middle"> </td><td style="vertical-align:middle">Convertible Note</td><td style="vertical-align:middle"> </td><td style="vertical-align:middle">Monte Carlo model </td><td style="vertical-align:middle"> </td><td style="vertical-align:middle">  Refer to note 2.29</td></tr><tr><td style="vertical-align:middle"> </td><td style="border-top-style:solid; border-top-width:1pt; vertical-align:middle"> </td><td style="border-top-style:solid; border-top-width:1pt; vertical-align:middle"> </td><td style="border-top-style:solid; border-top-width:1pt; vertical-align:middle"> </td><td style="border-top-style:solid; border-top-width:1pt; vertical-align:middle"> </td><td style="border-top-style:solid; border-top-width:1pt; vertical-align:middle"> </td></tr><tr><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> Financial instruments not measured at fair value</td><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td></tr><tr><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td></tr><tr><td style="vertical-align:middle"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:middle">Type</td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:middle"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:middle">Valuation Techniques</td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:middle"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:middle">Significant unobservable inputs</td></tr><tr><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td><td style="vertical-align:middle"> </td></tr><tr><td style="vertical-align:middle"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:middle">Long-term borrowings</td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:middle"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:middle">Discounted cash flow</td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:middle"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:middle">Discount rate</td></tr></table> </div>

<div class="Section1">2.          Basis of Preparation and Significant Accounting Policies   2.1 Basis of Preparation: 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. Going concern basis of accounting:  As of December 31, 2019, the Company reported a working capital deficit of $3,242 and accumulated deficit of $135,648. The low charter rates for dry bulk vessels as a result of the coronavirus outbreak and its effects on world trade and financial markets adversely affected the Company. The Company’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 became due in the twelve-month period ending following the issuance of the 2019 consolidated financial statements and the Company may not have been 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 the 2019 financial statements. These conditions raised substantial doubt about the entity's ability to continue as a going concern. On June 22, 2020, June 30, 2020, July 21, 2020 and December 9, 2020, the Company completed follow-on equity offerings that provided the Company with additional liquidity (refer to Note 9). As of December 31, 2020, the Company reported a working capital surplus of $9.2 million and was in compliance with its debt covenants. Subsequently, on January 29, 2021 and February 17, 2021, the Company completed additional follow-on equity offerings that provided the Company with further liquidity (refer to Note 22). The Company’s cash flow projections indicate that the Company is expected to be able to meet the debt covenants on the applicable measurement dates falling due in the twelve-month period ending following the issuance of these consolidated financial statements and that cash on hand and cash to be provided by operating activities will 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. Impact of COVID-19 on the Company’s Business The spread of the COVID-19 virus, which has been declared a pandemic by the World Health Organization in 2020 has caused substantial disruptions in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity and duration of which remains uncertain. The impact of the COVID-19 pandemic continues to unfold and may continue to have negative effect on the Company’s business, financial performance and the results of its operations, including due to decreased demand for global seaborne dry bulk trade and dry bulk charter rates, the extent of which will depend largely on future developments. As a result, many of the Company’s estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company’s estimates may change in future periods. Besides reducing demand for cargo, coronavirus may functionally limit the amount of cargo that the Company and its 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. The pandemic had a negative impact on the Company’s voyage revenues for the year ended December 31, 2020, which reached $11,753 compared to $15,623 for the same period in 2019. The decrease in voyage revenues is attributed to the low freight rates achieved during 2020 due to the outbreak of COVID-19 virus. The Company has evaluated the impact of the current economic situation on the recoverability of the carrying amount of its vessels. During the first quarter of 2020, the Company concluded that events and circumstances triggered the existence of potential impairment of its vessels. These indicators included volatility in the charter market as well as the potential impact the current marketplace may have on the future operations. As a result, the Company performed an impairment assessment of the Company’s vessels by comparing the discounted projected net operating cash flows for each vessel to its carrying values. For the first quarter of 2020, the Company concluded that the recoverable amounts of the vessels were lower than their carrying amounts and an impairment loss of $4,615 was recorded (Note 5). Subsequently, the Company has re-assessed impairment indicators and performed an impairment test on the recoverability of the carrying amount of its vessels as of December 31, 2020 using discounted projected net operating cash flows for each vessel and concluded that no further impairment of its vessels should be recorded or previously recognized impairment should be reversed.  Statement of Compliance: These consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Basis of Consolidation: 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. 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.   <ol start="2" type="1" class="awlist1" style="margin:0pt; padding-left:0pt"><li style="margin-left:39.3pt; text-indent:-18pt; text-align:justify; font-family:'Times New Roman'; font-size:10pt; font-weight:bold; list-style-position:inside"> Standards amendments and interpretations:</li></ol> 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, 2020: •                Conceptual Framework in IFRS standardsThe 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. For preparers who develop accounting policies based on the Conceptual Framework, it is effective for annual periods beginning on or after 1 January 2020. •                IFRS 3: Business Combinations (Amendments)The IASB issued amendments in Definition of a Business (Amendments to IFRS 3) aimed at resolving the difficulties that arise when an entity determines whether it has acquired a business or a group of assets. 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 has assessed that this amendment had no impact on the Company’s financial position or performance as there were no business combinations during the year ended December 31, 2020. •                IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of ‘material’ (Amendments)The Amendments clarify the definition of material and how it should be applied. The new definition states that, “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”. 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 has assessed that this amendment had no impact on the Company’s financial position or performance. •                Interest Rate Benchmark Reform - IFRS 9, IAS 39 and IFRS 7 (Amendments)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. 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 provide 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. There are also amendments to IFRS 7 Financial Instruments: Disclosures regarding additional disclosures around uncertainty arising from the interest rate benchmark reform. The amendments are effective for annual periods beginning on or after January 1, 2020 and must be applied retrospectively. Phase two (ED) focuses on issues that could affect financial reporting when an existing interest rate benchmark is replaced with a risk-free interest rate (an RFR). Management has assessed that this amendment had no impact on the Company’s financial position or performance.   Standards issued but not yet effective and not early adopted: •                Amendment in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint VentureThe amendments address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28, in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). 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. Management has assessed that this amendment will have no impact on the Company’s financial position or performance. •                IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (Amendments)The amendments are effective for annual reporting periods beginning on or after January 1, 2022 with earlier application permitted. However, in response to the covid-19 pandemic, the Board has deferred the effective date by one year, i.e. January 1, 2023, to provide companies with more time to implement any classification changes resulting from the amendments. The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current or non-current. The amendments affect the presentation of liabilities in the statement of financial position and do not change existing requirements around measurement or timing of recognition of any asset, liability, income or expenses, nor the information that entities disclose about those items. Also, the amendments clarify the classification requirements for debt which may be settled by the company issuing own equity instruments. Management has assessed that these amendments will have no impact on the Company’s financial position or performance. •                IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets as well as Annual Improvements 2018-2020 (Amendments)The amendments are effective for annual periods beginning on or after January 1, 2022, with earlier application permitted. The IASB has issued narrow-scope amendments to the IFRS Standards as follows:<ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-top:14pt; margin-left:66.39pt; text-align:justify; padding-left:5.06pt; font-family:serif; font-size:10pt">IFRS 3 Business Combinations (Amendments) update a reference in IFRS 3 to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations.</li><li style="margin-left:66.39pt; text-align:justify; padding-left:5.06pt; font-family:serif; font-size:10pt">IAS 16 Property, Plant and Equipment (Amendments) prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognize such sales proceeds and related cost in profit or loss.</li><li style="margin-left:66.39pt; text-align:justify; padding-left:5.06pt; font-family:serif; font-size:10pt">IAS 37 Provisions, Contingent Liabilities and Contingent Assets (Amendments) specify which costs a company includes in determining the cost of fulfilling a contract for the purpose of assessing whether a contract is onerous.</li><li style="margin-left:66.39pt; text-align:justify; padding-left:5.06pt; font-family:serif; font-size:10pt">Annual Improvements 2018-2020 make minor amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IAS 41 Agriculture and the Illustrative Examples accompanying IFRS 16 Leases.</li></ul> Management has assessed that these amendments will have no impact on the Company’s financial position or performance. •                IFRS 16 Leases-Cοvid 19 Related Rent Concessions (Amendment)The amendment applies, retrospectively, to annual reporting periods beginning on or after June 1, 2020. Earlier application is permitted, including in financial statements not yet authorized for issue at May 28, 2020. IASB amended the standard to provide relief to lessees from applying IFRS 16 guidance on lease modification accounting for rent concessions arising as a direct consequence of the covid-19 pandemic. The amendment provides a practical expedient for the lessee to account for any change in lease payments resulting from the covid-19 related rent concession the same way it would account for the change under IFRS 16, if the change was not a lease modification, only if all of the following conditions are met: <ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-top:14pt; margin-left:48.39pt; text-align:justify; padding-left:23.06pt; font-family:serif; font-size:10pt">The change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change.</li><li style="margin-left:48.39pt; text-align:justify; padding-left:23.06pt; font-family:serif; font-size:10pt">Any reduction in lease payments affects only payments originally due on or before June 30, 2021.</li><li style="margin-left:48.39pt; text-align:justify; padding-left:23.06pt; font-family:serif; font-size:10pt">There is no substantive change to other terms and conditions of the lease.</li></ul>  Management has assessed that these amendments will have no impact on the Company’s financial position or performance.  •                Interest Rate Benchmark Reform – Phase 2 – IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (Amendments)In August 2020, the IASB published Interest Rate Benchmark Reform – Phase 2, Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16, completing its work in response to IBOR reform. The amendments provide temporary reliefs which address the financial reporting effects when an interbank offered rate (IBOR) is replaced with an alternative nearly risk-free interest rate (RFR). In particular, the amendments provide for a practical expedient when accounting for changes in the basis for determining the contractual cash flows of financial assets and liabilities, to require the effective interest rate to be adjusted, equivalent to a movement in a market rate of interest. Also, the amendments introduce reliefs from discontinuing hedge relationships including a temporary relief from having to meet the separately identifiable requirement when an RFR instrument is designated as a hedge of a risk component. Furthermore, the amendments to IFRS 4 are designed to allow insurers who are still applying IAS 39 to obtain the same reliefs as those provided by the amendments made to IFRS 9. There are also amendments to IFRS 7 Financial Instruments: Disclosures to enable users of financial statements to understand the effect of interest rate benchmark reform on an entity’s financial instruments and risk management strategy. The amendments are effective for annual periods beginning on or after January 1, 2021, with earlier application permitted. While application is retrospective, an entity is not required to restate prior periods. Management has assessed that these amendments will have no impact on the Company’s financial position or performance. 2.3 Significant accounting policies, judgments, estimates and assumptions: The preparation of consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amounts of revenues and expenses recognised during the reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future. Judgments: In the process of applying the Company’s accounting policies, management has made the following judgments that had a significant effect on the amounts recognised in the consolidated financial statements. <ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:33.19pt; text-align:justify; padding-left:5.06pt; font-family:serif; font-size:10pt">Allowance for doubtful trade accounts receivable: The Company measures allowance for all trade accounts receivable under the simplified model using the lifetime expected credit loss (“ECL”) approach. When estimating ECLs, the Company considers reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions. Provisions for doubtful trade accounts receivable as of December 31, 2020 and 2019, were nil and $23, respectively.</li></ul> Estimates and assumptions: 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. 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. <ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:33.19pt; text-align:justify; padding-left:5.06pt; font-family:serif; font-size:10pt">Carrying amount of vessels, net: Vessels are stated at cost, less accumulated depreciation (including depreciation of dry-docking costs and the amortization of the component attributable to favourable or unfavourable lease terms relative to market terms) 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.</li></ul> <ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:33.19pt; text-align:justify; padding-left:5.06pt; font-family:serif; font-size:10pt">Impairment of Non-Financial Assets: The Company’s impairment test for non-financial assets is based on the assets’ 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, 2020 and 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. See notes 2.13 and 5.</li></ul> <ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:33.19pt; text-align:justify; padding-left:5.06pt; font-family:serif; font-size:10pt">Share based payments: The Company measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. 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.</li></ul> 2.4 Accounting for revenue and related expenses: 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. 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. Interest income: interest income is recognised as interest on an accrual basis. Voyage expenses: 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 which is 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. Vessel operating expenses: Vessel operating costs include crew costs, provisions, deck and engine stores, lubricating oil, 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. 2.5 Foreign currency translation: The functional currency of Globus and its subsidiaries is the U.S. dollar, which is also the presentation currency of the Company, since the Company’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.   2.6 Cash and cash equivalents: The Company considers highly liquid investments such as time deposits and certificates of deposit with original maturity of three months or less to be cash and cash equivalents. 2.7 Trade accounts receivable, net: The amount shown as trade accounts receivable at each financial position date includes estimated recoveries from charterers for hire, net of an allowance for doubtful accounts. Trade accounts receivable without a significant financing component are initially measured at their transaction price and subsequently 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, 2020 was nil (2019: $23). 2.8 Inventories: Inventories consist of lubricants, bunkers and gas cylinders and are stated at the lower of cost and net realisable value. The cost is determined by the first-in, first-out method. 2.9 Vessels, net: Vessels are stated at cost, less accumulated depreciation (including depreciation of dry-docking costs and amortization of components attributable to favourable or unfavourable lease terms relative to market terms) and accumulated impairment losses. Vessel cost consists of the contract price for the vessel and any material expenses incurred upon acquisition (initial repairs, improvements and delivery expenses, interest, commissions paid and on-site supervision costs incurred during the construction periods). 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. 2.10 Deferred dry-docking costs: 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. 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.2.11 Depreciation: The cost of each of the Company’s vessels is depreciated on a straight-line basis over each vessel’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 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 and 2020 the Company maintained the same scrap rate. 2.12 Amortization of lease component: 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. The amortization is included in the line “amortization of fair value of time charter attached to vessels” in the income statement component of the consolidated statement of comprehensive loss.  2.13 Impairment of non-financial assets: The Company assesses at each reporting date whether there is an indication that a vessel may be impaired. The vessel’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’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’s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life (refer to note 5). 2.14 Long-term debt: Long-term debt is initially recognised at the fair value of the consideration received net of financing costs directly attributable to the borrowing. After initial recognition, long-term debt is subsequently measured at amortized cost using the effective interest rate method. Amortized cost is calculated by taking into account any financing costs and any discount or premium on settlement. Gains and losses are recognised in the income statement component of the consolidated statement of comprehensive loss when the liabilities are derecognised or impaired, as well as through the amortization process.  2.15  Financing costs: Fees incurred for obtaining new loans or refinancing existing loans are deferred and amortized over the life of the related debt, using the effective interest rate method. Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period the repayment or refinancing is made. For the year ended December 31, 2020, the Company did not incur any financing costs. For the year ended December 31, 2019, the Company deferred financing costs of $880, which relate to the costs incurred for the loan agreement with EnTrust Global’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 relates to the costs incurred for the loan agreement with Macquarie Bank International Limited (see Note 11 for more details). 2.16 Borrowing costs: Borrowing costs consist of interest and other costs that the Company incurs in connection with the borrowing of funds. Borrowing costs are expensed to the income statement component of the consolidated statement of comprehensive loss as incurred under “interest expense and finance costs” 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. 2.17 Operating segment: 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. 2.18 Provisions and contingencies: 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. 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.  2.19 Pension and retirement benefit obligations: The crew on board the vessels owned by the ship-owning companies, wholly owned subsidiaries of 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.   Provision for employees’ severance compensation: 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’ retirement compensation liability which amounted to $31 as at December 31, 2020 (2019: $26), calculated by using the Projected Unit Credit Method and disclosed under non-current liabilities in the consolidated statement of financial position. 2.20 Offsetting of financial assets and liabilities: 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.  2.21 Financial assets and liabilities:  i. Classification and measurement of financial assets and financial liabilities 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. 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. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:<ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-top:14pt; margin-left:45.05pt; text-align:justify; padding-left:11.65pt; font-family:serif; font-size:10pt">it is held within a business model whose objective is to hold assets to collect contractual cash flows; and</li><li style="margin-left:45.05pt; text-align:justify; padding-left:11.65pt; font-family:serif; font-size:10pt">its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</li></ul>   A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: <ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-top:14pt; margin-left:45.05pt; text-align:justify; padding-left:11.65pt; font-family:serif; font-size:10pt">it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and</li><li style="margin-left:45.05pt; text-align:justify; padding-left:11.65pt; font-family:serif; font-size:10pt">its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</li></ul>   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. 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. ii. Impairment of financial assets IFRS 9 replaced the “incurred loss” model in IAS 39 with an “expected credit loss” (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. The financial assets at amortized cost consist of trade accounts receivable and cash and cash equivalents. Under IFRS 9, loss allowances are measured on either of the following bases: <ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-top:14pt; margin-left:45.05pt; text-align:justify; padding-left:11.65pt; font-family:serif; font-size:10pt">12-month ECLs: these are ECLs that result from possible default events within the 12 months after the reporting date; and</li><li style="margin-left:45.05pt; text-align:justify; padding-left:11.65pt; font-family:serif; font-size:10pt">lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument.</li></ul> 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's historical experience and informed credit assessment and including forward-looking information. The Company assumes that the credit risk on a financial asset has increased significantly if it is more than 180 days past due. The Company considers a financial asset to be in default when:  <ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-top:14pt; margin-left:45.05pt; text-align:justify; padding-left:11.65pt; font-family:serif; font-size:10pt">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</li><li style="margin-left:45.05pt; text-align:justify; padding-left:11.65pt; font-family:serif; font-size:10pt">the financial asset is more than 1 year past due.</li></ul> The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk. 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. 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's impairment requirements at January 1, 2018, did not result to any additional impairment allowance. iii. Derecognition of financial assets  A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognised where: <ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-top:14pt; margin-left:45.05pt; text-align:justify; padding-left:11.65pt; font-family:serif; font-size:10pt">the rights to receive cash flows from the asset have expired;</li><li style="margin-left:45.05pt; text-align:justify; padding-left:11.65pt; font-family:serif; font-size:10pt">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 “pass-through” arrangement; or</li><li style="margin-left:45.05pt; text-align:justify; padding-left:11.65pt; font-family:serif; font-size:10pt">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.</li></ul>   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’s continuing involvement in the asset. 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.  iv. Derecognition of Financial liabilities:  A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability and, the difference in the respective carrying amounts is recognised in profit or loss. 2.22 Leases: 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 (“lessee”) and the supplier (“lessor”). The new standard requires lessees to recognize most leases on their financial statements. Lessees will have a single accounting model for all leases, with certain exemptions. Lessor accounting is substantially unchanged.  The Company has initially adopted IFRS 16 on January 1, 2019 using the modified retrospective approach under which the comparative information presented for 2018 has not been restated and is presented as it was previously reported under IAS 17 and related interpretations. 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. Leases – where the Company is the lessee: The Company applies a single recognition and measurement approach for all leases, except for short term leases and leases of low value assets. 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. 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. 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 years ended December 31, 2020 and 2019 was approximately $112 for both years and the interest expense on lease liabilities for the years ended December 31, 2020 and 2019 was approximately $44 and $51, respectively. As of December 31, 2020 and 2019, the net carrying in amount of the right of use asset was $450 and $562, respectively.   Leases – where an entity is the lessor: 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. Lease income on operating leases is recognised on a straight-line basis over the lease term. Contingent rents are recognised as revenue in the period in which they are earned. 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 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’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 $8,985 for the year ended December 31, 2020. The lease component that is disclosed then is calculated as the difference between total revenue and the non-lease component revenue and was approximately $2,768 for the year ended December 31, 2020. 2.23 Insurance: The Company recognizes insurance claim recoveries for insured losses incurred on damage to vessels. Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company’s vessels suffer insured damages. They include the recoveries from the insurance companies for the claims, provided there is evidence the amounts are virtually certain to be received. 2.24 Share based compensation: Globus operates equity-settled, share-based compensation plans. The value of the service received in exchange of the grant of shares is recognized as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the share awards at the grant date. The relevant expense is recognized in the income statement component of the consolidated statement of comprehensive loss, with a corresponding impact in equity. 2.25 Share capital: Common shares and preferred shares are classified as equity. Incremental costs directly attributable to the issue of new shares are recognised in equity as a deduction from the proceeds.  2.26 Dividends: Dividends to shareholders are recognised in the period in which the dividends are declared and appropriately authorised and are accounted for as dividends payable until paid. 2.27 Fair value measurement: The Company measures financial instruments, such as, derivatives and non-financial assets at fair value at each reporting date. In addition, fair values of financial instruments measured at amortised cost are disclosed in note 21. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either, a) in the principal market for the asset or the liability or b) in the absence of a principal market, in the most advantageous market for the asset or liability both being accessible by the Company. The fair value of an asset or a liability is measured using the assumptions that the market participants would use when pricing the asset or liability, assuming that the market participants act in their best economic interest. A fair value measurement of a non-financial asset takes into account the market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.  The Company uses the following hierarchy for determining and disclosing the fair value of assets and liabilities by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. For assets and liabilities that are recognised in the consolidated financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing categorization at the end of each reporting period. The Company engaged independent valuation specialists to determine the fair value of non-financial assets. 2.28 Current versus non-current classification: The Company presents assets and liabilities in the consolidated statement of financial position based on current/non-current classification.  An asset as current when it is:  <ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-top:14pt; margin-left:37.95pt; text-align:justify; padding-left:11.7pt; font-family:serif; font-size:10pt">Expected to be realised or intended to be sold or consumed in a normal operating cycle</li><li style="margin-left:37.95pt; text-align:justify; padding-left:11.7pt; font-family:serif; font-size:10pt">Held primarily for the purpose of trading</li><li style="margin-left:37.95pt; text-align:justify; padding-left:11.7pt; font-family:serif; font-size:10pt">Expected to be realised within twelve months after the reporting period</li><li style="margin-left:37.95pt; text-align:justify; padding-left:11.7pt; font-family:serif; font-size:10pt">Cash or cash equivalent</li></ul>  All other assets are classified as non-current. A liability is current: <ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-top:14pt; margin-left:37.95pt; text-align:justify; padding-left:11.7pt; font-family:serif; font-size:10pt">It is expected to be settled in a normal operating cycle</li><li style="margin-left:37.95pt; text-align:justify; padding-left:11.7pt; font-family:serif; font-size:10pt">It is held primarily for the purpose of trading</li><li style="margin-left:37.95pt; text-align:justify; padding-left:11.7pt; font-family:serif; font-size:10pt">It is due to be settled within twelve months after the reporting period</li><li style="margin-left:37.95pt; text-align:justify; padding-left:11.7pt; font-family:serif; font-size:10pt">There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.</li></ul>  All other liabilities are classified as non-current. 2.29 Embedded Derivatives: 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):  (a) the economic characteristics and risks of the embedded derivative are not closely related to the economic characteristics and risks of the host;(b) a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and(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). The Company’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. The Company has determined there are derivative financial liabilities as of December 31, 2019 (see Note 11). The fair value of the embedded derivative instruments at December 31, 2019, was 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 did 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 US 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 US Treasury Bill as at December 31, 2019 and, (g) conversion and floor price of $100 per share. The Company fully repaid the outstanding balances not previously converted under the Firment Credit Facility and the Convertible Note in 2020. 2.30 Restricted Cash: Restricted cash represents pledged cash deposits or minimum liquidity required to be maintained under the Company'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. Otherwise they are classified as non-current assets.</div>

<div class="Section1">5.         Vessels, net  The amounts in the consolidated statement of financial position are analysed as follows: <table cellspacing="0" cellpadding="0" style="width:97%; margin-right:2.25pt; margin-left:2.25pt; border-collapse:collapse; float:right; text-align:left"><tr><td style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Vessels cost</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Vessels accumulated depreciation</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Dry docking costs</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Accumulated depreciation of dry-docking costs</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Net Book Value</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="width:35%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">Balance at January 1, 2018</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">179,401</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">(92,702</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">)</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">4,830</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">(4,209</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">)</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">87,320</td><td style="width:1%; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">Additions/ Dry Docking Component</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">26</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">-</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">2,148</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">-</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">2,174</td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">Depreciation expense</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">-</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">(4,578</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">)</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">-</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">(1,166</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">)</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">(5,744</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">)</td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">Balance at December 31, 2018</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">179,427</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">(97,280</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">)</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">6,978</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">(5,375</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">)</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">83,750</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff">Additions/ Dry Docking Component</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">54</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">-</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">622</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">-</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">676</td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">Impairment loss</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">(29,902</td><td style="vertical-align:bottom; background-color:#ffffff">)</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">-</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">-</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">-</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">(29,902</td><td style="vertical-align:bottom; background-color:#ffffff">)</td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">Depreciation expense</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">-</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">(4,578</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">)</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">-</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">(1,704</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">)</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">(6,282</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">)</td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">Balance at December 31, 2019</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">149,579</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">(101,858</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">)</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">7,600</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">(7,079</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">)</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">48,242</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff">Additions/ Dry Docking Component</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">18,028</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">-</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">4,283</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">-</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">22,311</td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">Impairment loss</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">(4,615</td><td style="vertical-align:bottom; background-color:#ffffff">)</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">-</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">-</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">-</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">(4,615</td><td style="vertical-align:bottom; background-color:#ffffff">)</td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">Depreciation expense</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">-</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">(2,253</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">)</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">-</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">(1,335</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">)</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">(3,588</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">)</td></tr><tr><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff">Balance at December 31, 2020</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">162,992</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">(104,111</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff">)</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">11,883</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">(8,414</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff">)</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">62,350</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td></tr></table>   On October 29, 2020, the Company took delivery of the m/v “Galaxy Globe”, a 2015-built Kamsarmax dry bulk carrier, through its subsidiary, Serena Maritime Limited, for a purchase price of $18.4 million, free of charter party, financed with available cash. The m/v “Galaxy Globe” was built at the Hudong-Zhonghua Shipyard in China and has a carrying capacity of 81,167 dwt. Following this acquisition, the fleet of Globus comprises of six dry bulk carriers with a total carrying capacity of 381,738 dwt. Upon the acquisition of the vessel, a total amount of $500 was recorded as dry-docking component and will be amortized until the vessel’s next scheduled survey to be performed in July 2023.  For the purpose of the consolidated statement of comprehensive loss, depreciation, as stated in the income statement component, comprises the following: <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:90%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="10" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">For the year ended December 31,</td><td style="vertical-align:bottom"> </td></tr><tr><td style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2020</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2019</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2018</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="width:61%; vertical-align:bottom; background-color:#cceeff">Vessels depreciation</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">2,253</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">4,578</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">4,578</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">Depreciation on office furniture and equipment</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">33</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">31</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">23</td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">Depreciation of right of use asset</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">112</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">112</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">-</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff">Total</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">2,398</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">4,721</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">4,601</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td></tr></table></div> The Company’s vessels, except the m/v Galaxy Globe, have been pledged as collateral to secure the bank loans discussed in note 11. Impairment of non-financial assets: The Company performed an impairment exercise as of March 31, 2020 on whether there were indicators that a vessel(s) may be impaired and concluded that impairment indicators existed for all vessels. As of December 31, 2020, the Company performed an assessment on whether there were indicators that a vessel(s) may be impaired and impairment indicators were identified for two of the Company’s vessels. As impairment indicators were identified during 2020, discounted future cash flows for each vessel with impairment indicators were determined and compared to the vessel’s carrying value. For the discount factor, the Company applied the Weighted Average Cost of Capital rate that was calculated to be 4.06% as at December 31, 2020. 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 fiscal year 2021 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 2010. 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’s vessels since their delivery under the Company’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’s operating fleet (Supramax and Panamax vessels with a deadweight (“dwt”) 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’s expectations for future fleet utilization under the current fleet deployment strategy. As of March 31, 2020, the Company concluded that the recoverable amounts of the vessels were lower than their carrying amounts and recognized an impairment loss of $4,615. As of December 31, 2020, the Company concluded that the recoverable amounts of the vessels were higher than their carrying amounts and concluded that no additional impairment loss should be recognized. 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, no impairment loss was recognized as the vessels’ recoverable amounts exceeded their carrying amounts. The impairment loss for the years ended December 31, 2020 and 2019, analysed by vessel is as follows: <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:80%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="6" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">For the year ended December 31,</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom">Vessel</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2020</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2019</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="width:74%; vertical-align:bottom; background-color:#cceeff">m/v River Globe</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">(332</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff">)</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">(6,920</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff">)</td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">m/v Sky Globe</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">(1,231</td><td style="vertical-align:bottom; background-color:#ffffff">)</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">(8,074</td><td style="vertical-align:bottom; background-color:#ffffff">)</td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff">m/v Star Globe</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">(460</td><td style="vertical-align:bottom; background-color:#cceeff">)</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">(7,197</td><td style="vertical-align:bottom; background-color:#cceeff">)</td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">m/v Sun Globe</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">(2,013</td><td style="vertical-align:bottom; background-color:#ffffff">)</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">(4,797</td><td style="vertical-align:bottom; background-color:#ffffff">)</td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">m/v Moon Globe</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">(579</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">)</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">(2,914</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">)</td></tr><tr><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff">Impairment loss</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">(4,615</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff">)</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">(29,902</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff">)</td></tr></table></div>  As of December 31, 2019, the recoverable amount for each vessel was as follows: <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:80%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="2" style="vertical-align:bottom">December 31,</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td></tr><tr><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Vessels</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2019</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Recoverable amount</td></tr><tr><td style="width:33%; vertical-align:bottom; background-color:#cceeff">m/v River Globe</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:31%; vertical-align:bottom; background-color:#cceeff">7,752</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:32%; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff">At fair value less costs of disposal</td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">m/v Sky Globe</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">8,971</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff">At fair value less costs of disposal</td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff">m/v Star Globe</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">9,458</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff">At fair value less costs of disposal</td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">m/v Sun Globe</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">11,165</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-left:5.4pt; vertical-align:bottom; background-color:#ffffff">At fair value less costs of disposal</td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">m/v Moon Globe</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">10,896</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-left:5.4pt; padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">At value in use</td></tr><tr><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff">Total:</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">48,242</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-left:5.4pt; padding-bottom:2.5pt; vertical-align:bottom; background-color:#ffffff"> </td></tr></table></div> </div>

<div class="Section1">20.      Financial risk management objectives and policies The Company’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 the Company in the financing of its 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’s financial instruments are cash flow interest rate risk, credit risk, liquidity risk and foreign currency risk. Interest rate risk 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’s exposure to the risk of changes in market interest rates relates primarily to the Company’s long-term debt obligations with floating interest rates. As of December 31, 2019, 10% of the Company’s long term borrowings were at a fixed rate of interest and as of December 31, 2020, the Company had no long-term borrowings at a fixed interest rate. Interest rate risk table The following table demonstrates the sensitivity to a reasonably possible change in interest rates, with all other variables held constant, of the Company’s loss. <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:90%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Increase/(Decrease) in basis points</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Effect on loss</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="padding-left:9.45pt; vertical-align:bottom; background-color:#cceeff">2020</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="width:74%; padding-left:9.45pt; vertical-align:bottom; background-color:#ffffff">$ Libor</td><td style="width:1%; vertical-align:bottom; background-color:#ffffff"> </td><td style="width:1%; vertical-align:bottom; background-color:#ffffff"> </td><td style="width:10%; vertical-align:bottom; background-color:#ffffff">+15</td><td style="width:1%; vertical-align:bottom; background-color:#ffffff"> </td><td style="width:1%; vertical-align:bottom; background-color:#ffffff"> </td><td style="width:1%; vertical-align:bottom; background-color:#ffffff"> </td><td style="width:10%; vertical-align:bottom; background-color:#ffffff">(57</td><td style="width:1%; vertical-align:bottom; background-color:#ffffff">)</td></tr><tr><td style="padding-left:9.45pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">-20</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">75</td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-left:9.45pt; vertical-align:bottom; background-color:#ffffff">2019</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="padding-left:9.45pt; vertical-align:bottom; background-color:#cceeff">$ Libor</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">+15</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">(55</td><td style="vertical-align:bottom; background-color:#cceeff">)</td></tr><tr><td style="padding-left:9.45pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">-20</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">73</td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr></table></div> Foreign currency risk 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’s loss due to changes in the fair value of monetary assets and liabilities. The Company’s exposure to foreign currency changes for all other currencies as of December 31, 2020 and 2019, was not material. <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:90%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Change in rate</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Effect on loss</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="width:74%; vertical-align:bottom; background-color:#cceeff">2020</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">+10</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff">%</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">(258</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff">)</td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">-10</td><td style="vertical-align:bottom; background-color:#ffffff">%</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">258</td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">2019</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">+10</td><td style="vertical-align:bottom; background-color:#ffffff">%</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">(255</td><td style="vertical-align:bottom; background-color:#ffffff">)</td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">-10</td><td style="vertical-align:bottom; background-color:#cceeff">%</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">255</td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr></table></div> Credit risk 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’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’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. Concentration of credit risk table: The following table provides information with respect to charterers who individually, accounted for approximately more than 10% of the Company’s revenue for the years ended December 31, 2020, 2019 and 2018: <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:90%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2020</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">%</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2019</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">%</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2018</td><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">%</td><td style="vertical-align:bottom"> </td></tr><tr><td style="width:34%; vertical-align:bottom; background-color:#cceeff">A</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:8%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">751</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:8%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">6</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff">%</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:8%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">3,476</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:8%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">22</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff">%</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:8%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">3,679</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:8%; border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">21</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff">%</td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">B</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">2,873</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">17</td><td style="vertical-align:bottom; background-color:#ffffff">%</td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff">Other</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">11,002</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">94</td><td style="vertical-align:bottom; background-color:#cceeff">%</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">12,147</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">78</td><td style="vertical-align:bottom; background-color:#cceeff">%</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">10,802</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">62</td><td style="vertical-align:bottom; background-color:#cceeff">%</td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">Total</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">11,753</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">100</td><td style="vertical-align:bottom; background-color:#ffffff">%</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">15,623</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">100</td><td style="vertical-align:bottom; background-color:#ffffff">%</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">17,354</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#ffffff">100</td><td style="vertical-align:bottom; background-color:#ffffff">%</td></tr></table></div> Liquidity risk 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’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. The table below summarises the maturity profile of the Company’s financial liabilities (including interest) at December 31, 2020 and 2019 based on contractual undiscounted cash flows. <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:90%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="padding-bottom:1pt; vertical-align:bottom">Year ended December 31, 2020</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Less than 3 months</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">3 to 12 months</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">1 to 5 years</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">More than 5 years</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Total</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="width:45%; vertical-align:bottom; background-color:#cceeff">Long-term debt</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:8%; vertical-align:bottom; background-color:#cceeff">2,302</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:8%; vertical-align:bottom; background-color:#cceeff">6,752</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:8%; vertical-align:bottom; background-color:#cceeff">32,362</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:8%; vertical-align:bottom; background-color:#cceeff">-</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:8%; vertical-align:bottom; background-color:#cceeff">41,416</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">Lease liabilities</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">106</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">106</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">426</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">-</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">638</td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff">Accrued liabilities and other payables</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">2,159</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">-</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">-</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">-</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">2,159</td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">Trade accounts payables</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">4,758</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">4,758</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff">Total</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff">9,325</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff">6,858</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff">32,788</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff">-</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff">48,971</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td></tr></table></div> <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:90%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="padding-bottom:1pt; vertical-align:bottom">Year ended December 31, 2019*</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Less than 3 months</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">3 to 12 months</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">1 to 5 years</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">More than 5 years</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">Total</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="width:45%; vertical-align:bottom; background-color:#cceeff">Long-term debt</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:8%; vertical-align:bottom; background-color:#cceeff">4,674</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:8%; vertical-align:bottom; background-color:#cceeff">3,776</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:8%; vertical-align:bottom; background-color:#cceeff">42,247</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:8%; vertical-align:bottom; background-color:#cceeff">-</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:8%; vertical-align:bottom; background-color:#cceeff">50,697</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">Lease liabilities</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">126</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">106</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">567</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">1</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">800</td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff">Accrued liabilities and other payables</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">1,971</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">-</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">-</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">-</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">1,971</td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">Trade accounts payables</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">4,735</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">-</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">4,735</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff">Total</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff">11,506</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff">3,882</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff">42,814</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff">1</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:double; border-bottom-width:2.25pt; vertical-align:bottom; background-color:#cceeff">58,203</td><td style="padding-bottom:2.5pt; vertical-align:bottom; background-color:#cceeff"> </td></tr></table></div> * This table includes both the derivative component and the non-derivative host of the hybrid agreements of both the Firment Shipping Credit Facility and the Convertible Note (see note 11). Capital management The primary objective of the Company’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, 2020 and 2019. The Company monitors capital using the ratio of net debt to book capitalisation adjusted for the market value of the Company’s vessels plus net debt. The Company includes within net debt, interest bearing loans gross of unamortized debt discount, less cash. Adjusted book capitalization refers to total equity adjusted for the market value of the Company’s vessels. <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:90%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="6" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">December 31,</td><td style="vertical-align:bottom"> </td></tr><tr><td style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2020</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2019</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="width:74%; vertical-align:bottom; background-color:#cceeff">Interest bearing loans</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">37,000</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">38,487</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">Cash (including restricted cash)</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">(21,103</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">)</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">(4,801</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">)</td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff">Net debt</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">15,897</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">33,686</td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff">Equity</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">42,094</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">9,879</td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">Adjustment for the market value of vessels (charter-free)</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">493</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">(2,902</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">)</td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">Adjusted book capitalization</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">42,587</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">6,977</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">Adjusted book capitalization plus net debt</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">58,484</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">40,663</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#ffffff">Ratio</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">27</td><td style="vertical-align:bottom; background-color:#ffffff">%</td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff"> </td><td style="vertical-align:bottom; background-color:#ffffff">83</td><td style="vertical-align:bottom; background-color:#ffffff">%</td></tr></table></div> The Company’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 (“IFRS”) definition of debt.  The following reconciliation is provided: <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:90%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="vertical-align:bottom"> </td><td style="vertical-align:bottom"> </td><td colspan="6" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">December 31,</td><td style="vertical-align:bottom"> </td></tr><tr><td style="vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2020</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td style="padding-bottom:1pt; vertical-align:bottom"> </td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom">2019</td><td style="padding-bottom:1pt; vertical-align:bottom"> </td></tr><tr><td style="width:74%; vertical-align:bottom; background-color:#cceeff">Debt in accordance with IFRS (long and short-term borrowings)</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">36,552</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td><td style="width:10%; vertical-align:bottom; background-color:#cceeff">37,746</td><td style="width:1%; vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">Add: Unamortized debt discount</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">448</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">741</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">37,000</td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff"> </td><td style="vertical-align:bottom; background-color:#cceeff">38,487</td><td style="vertical-align:bottom; background-color:#cceeff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff">Less: Cash and bank balances and bank deposits (including restricted cash)</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">21,103</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#ffffff">4,801</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#ffffff"> </td></tr><tr><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff">Net debt</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">15,897</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff"> </td><td style="border-bottom-style:solid; border-bottom-width:1pt; vertical-align:bottom; background-color:#cceeff">33,686</td><td style="padding-bottom:1pt; vertical-align:bottom; background-color:#cceeff"> </td></tr></table></div> </div>

These amounts relate to the shares issued in 2017, not to the shares approved for issuance for the year.