false
--12-31
FY
2018
2018-12-31
20-F
0001731388
2279920
Yes
true
true
Non-accelerated Filer
EuroDry Ltd.
No
No
false
edry
114432
17800000
23900000
17753737
5051211
5051211
5100000
18800000
5784204
18818171
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.</div></div></td> <td style="width: 5pt"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Advances for Vessel under Construction</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"> </div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Costs</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Balance, January 1, 2017</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,753,737</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Advances for vessels under construction</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,784,204</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Vessel acquisition deposit</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,824,668</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Delivery of M/V “Alexandros P”</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(17,807,934</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">Delivery of M/V “Tasos”</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,503,464</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Balance, December 31, 2017</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,051,211</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Advances for vessel under construction</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,818,171</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">Delivery of M/V “Ekaterini”</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(23,869,382</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Balance, December 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">The shipbuilding contracts for Hull <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">DY160</div> and Hull <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">DY161,</div> both with Yangzhou Dayang Shipbuilding Co., Ltd. and Sumec Marine Co., Ltd., and originally scheduled for delivery in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> quarters of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> respectively, were cancelled on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 29, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2, 2016, </div>respectively, due to excessive construction delays. As a result, Ultra One Shipping Ltd. and Ultra Two Shipping Ltd. recognized a receivable of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$17.1</div> million from Yangzhou Dayang Shipbuilding Co., Ltd. and Sumec Marine Co., Ltd. representing the shipyard instalments paid and costs of other spares/supplies incorporated into the vessels in accordance with the shipbuilding contracts and, in addition, recorded a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.2</div> million loss on the termination of the shipbuilding contracts representing other capitalized expenses which were considered would <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recoverable under the shipbuilding contracts.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 21, 2016, </div>Ultra One Shipping Ltd. signed an agreement to acquire from Yangzhou Dayang Shipbuilding Co., Ltd. and Sumec Marine Co., Ltd. Hull <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">DY160</div> for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$16.9</div> million. The Company recognized as part of the cost of Hull <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">DY160</div> the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.4</div> million representing the additional spares/supplies acquired for Hull <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">DY160,</div> which had been originally included in the receivable of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$17.1</div> million, noted above. As a result, the receivable was reduced to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$16.7</div> million. In accordance with the agreement, the Company applied the remaining <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$16.7</div> million receivable, representing the shipyard instalments paid and cost of spares/supplies incorporated into Hull <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">DY161</div> against the cost of Hull <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> DY <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">160,</div> and paid the remaining amount in cash. Additional advances of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.5</div> million were made in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> representing capitalized expenses or total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$17.8</div> million. Hull <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">DY160</div> was delivered to the Company on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 16, 2017 </div>and was named M/V “Alexandros P”.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2016, </div>Kamsarmax Two Shipping Ltd. took an impairment charge on Hull <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">YZJ2013</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1153</div> as it considered it likely at that time that it would exercise its option to terminate the shipbuilding contract without any additional penalty. The Company recognized an impairment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.8</div> million representing the deposit paid to the shipyard as well as legal and other costs related to the shipbuilding contract. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2017, </div>the Company decided <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to exercise the option to terminate the contract but to proceed with the construction of Hull <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">YZJ2013</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1153,</div> which was delivered on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 7, 2018. </div>The balance as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>represents advances made by Kamsarmax Two Shipping Ltd. during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> for the construction of Hull <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">YZJ2013</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1153</div> (named M/V "Ekaterini") amounting to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.1</div> million. Additional advances of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$18.8</div> million were made in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> representing a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$23.9</div> million. M/V “Ekaterini” was delivered to the Company on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 7, 2018.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 11, 2016, </div>Areti Shipping Ltd. signed a memorandum of agreement to purchase M/V "Tasos", a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75,100</div> dwt <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2000</div>-built drybulk carrier, for approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.4</div> million. The deposit made under the memorandum of agreement and other capitalized costs amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.7</div> million as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016. </div>The balance of the amount payable under the memorandum of agreement and other capitalized costs paid during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.8</div> million or a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.5</div> million together with the amount paid in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div> M/V "Tasos" was delivered to the Company on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 9, 2017.</div></div></div>
22548
52480756
-52503304
500000
700000
3800000
3644499
3378955
12200
104148
253503
324178
1.3
0.75
1.3
0.75
1.3
1.2
1.3
1.25
0.499
300000
600000
1680000
4500000
12
6
7
32
4
28
4
2
20
2
4
13
28
28
8
12
12
14
P90D
350000
4840000
300000
100000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Dry-docking and special survey expenses</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Dry-docking and special survey expenses are expensed as incurred.</div></div></div></div></div></div></div></div></div></div></div></div></div>
17806879
0.5
1288533
5490106
7200
23477
0.04
0.04
0.04
42518895
497813
123697
173841
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Insurance claims and insurance proceeds</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Claims receivable are recorded on the accrual basis and represent the amounts to be received, net of deductibles incurred through each balance sheet date, for which recovery from insurance companies is probable and the claim is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> subject to litigation. Any remaining costs to complete the claims are included in accrued liabilities. Insurance proceeds are recorded according to type of claim that gives rise to the proceeds in the consolidated statements of operations and the consolidated statements of cash flow.</div></div></div></div></div></div></div></div></div></div></div></div></div>
115000
179281
52019
8162972
7071444
30659299
56813556
167019
7050179
8823927
8823927
915525
915525
9984409
9984409
8823927
915525
3298356
19
18
18
5
7
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Offering costs</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred offering expenses are charged against paid-in capital when financing is completed or expensed to “Other general and administrative expenses” in the consolidated statements of operations when the offering is aborted.</div></div></div></div></div></div></div></div></div></div></div></div></div>
0.05
903283
1
0.05
0.4
31.64
5490106
1.2
1.3
15146
P5Y
P5Y
P5Y
50
0.05
0.01
0.0125
0.01
685
685
685
685
360
720
0.05
0.05
400000
7878953
19158019
24522871
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Costs</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Balance, January 1, 2017</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,753,737</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Advances for vessels under construction</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,784,204</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Vessel acquisition deposit</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,824,668</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Delivery of M/V “Alexandros P”</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(17,807,934</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">Delivery of M/V “Tasos”</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,503,464</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Balance, December 31, 2017</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,051,211</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Advances for vessel under construction</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,818,171</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">Delivery of M/V “Ekaterini”</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(23,869,382</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Balance, December 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2016</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Voyage expenses</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 55%; font-size: 10pt; text-align: justify">Port charges and canal dues</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,850</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">578,468</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">260,139</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">Bunkers</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47,777</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,817,850</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">150,537</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Total</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">82,627</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,396,318</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">410,676</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Vessel operating expenses</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Crew wages and related costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,621,166</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,616,900</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,532,463</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Insurance</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">399,371</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">609,354</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">682,991</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Repairs and maintenance</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">109,399</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">181,174</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">407,324</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Lubricants</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">421,406</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">379,853</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">520,452</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Spares and consumable stores</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">480,209</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">706,855</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,404,080</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Professional and legal fees</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">97,584</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">186,306</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">257,250</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">Other</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">179,283</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">211,946</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">378,592</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Total</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,308,418</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,892,388</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,183,152</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table></div>
P10Y
254413
0.5
18192129
19000000
15000000
0.7
0.625
0.6
0.7
0.55
0.04
0.5
3824668
57316
102131
115026
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.</div></div></td> <td style="width: 5pt"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Voyage and Vessel Operating Expenses</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">These consist of:</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2016</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Voyage expenses</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 55%; font-size: 10pt; text-align: justify">Port charges and canal dues</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,850</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">578,468</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">260,139</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">Bunkers</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47,777</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,817,850</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">150,537</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Total</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">82,627</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,396,318</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">410,676</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Vessel operating expenses</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Crew wages and related costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,621,166</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,616,900</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,532,463</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Insurance</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">399,371</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">609,354</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">682,991</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Repairs and maintenance</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">109,399</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">181,174</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">407,324</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Lubricants</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">421,406</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">379,853</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">520,452</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Spares and consumable stores</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">480,209</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">706,855</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,404,080</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Professional and legal fees</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">97,584</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">186,306</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">257,250</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">Other</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">179,283</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">211,946</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">378,592</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Total</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,308,418</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,892,388</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,183,152</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table> </div></div>
4500000
17807934
4503464
23869382
17807934
4503464
23869382
10210599
34850
578468
260139
47777
1817850
150537
82627
2396318
410676
5000000
5000000
10000000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.</div></div></td> <td style="width: 5pt"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Accrued Expenses</div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The accrued expenses consist of:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">December 31, 2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">December 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt; text-align: left; padding-left: 0.4pt">Accrued payroll expenses</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">118,644</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0pt 0">74,169</div></div> </td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 0.4pt">Accrued interest expense</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">398,934</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">694,437</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 0.4pt">Accrued general and administrative expenses</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">114,432</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 0.4pt">Accrued commissions</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">69,631</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,039</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.4pt">Other accrued expenses</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">449,818</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0pt 0">268,132</div></div> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; padding-left: 0.4pt">Total</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,037,027</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,166,209</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table> </div></div>
346968
690653
593787
2236210
1037027
1166209
118644
74169
69631
15039
16273461
21059733
26481888
52618022
137517
471443
209231
396925
0
0
0
3800000
0
0
0
97452676
127707761
7620376
14465269
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div></div></td> <td style="width: 5pt"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Basis of Presentation and General Information</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">EuroDry Ltd. (the “Company” or “EuroDry”) was formed by Euroseas Ltd. (“Euroseas” or “former Parent Company”) on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 8, 2018 </div>under the laws of the Republic of the Marshall Islands to serve as the holding company of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">seven</div> subsidiaries (the "Subsidiaries") contributed by Euroseas to EuroDry in connection with the spin-off of Euroseas' drybulk vessels held for use as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 (</div>the "Spin-off"). On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 30, 2018, </div>Euroseas contributed these Subsidiaries to EuroDry in exchange for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,254,830</div> common shares in EuroDry, which Euroseas, distributed to holders of Euroseas common stock on a pro rata basis. Further, on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 30, 2018 </div>Euroseas distributed shares of the Company’s Series B Preferred Stock (the “EuroDry Series B Preferred Shares”) to holders of Euroseas’ Series B Preferred Shares, representing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> of Euroseas Series B Preferred Stock. For periods up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 30, 2018, </div>the accompanying financial statemnets reflect the financial position and results of the carve-out operations of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">seven</div> Subsidiaries that were contributed to the Company.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The operations of the vessels are managed by Eurobulk Ltd. ("Eurobulk" or “Manager”) and Eurobulk (Far East) Ltd. Inc. (“Eurobulk FE”)<div style="display: inline; background-color: white">,</div> collectively the “Managers”, corporations controlled by members of the Pittas family. Eurobulk has an office in Greece located at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div> Messogiou & Evropis Street, Maroussi, Greece; Eurobulk FE has an office at Manilla, Philippines Suite <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1003,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10th</div> Floor Ma. Natividad Building, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">470</div> T.M. Kalaw cor. Cortada Sts., Ermita. Both provide the Company with a wide range of shipping services such as technical support and maintenance, insurance consulting, chartering, financial and accounting services, while Eurobulk also provides executive management services, in consideration for fixed and variable fees (see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div>).</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Pittas family is the controlling shareholder of Friends Dry Investment Company Inc. which, in turn, owns <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38.1%</div> of the Company’s shares as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018. </div>Mr. Aristides J. Pittas is the Chairman and Chief Executive Officer of the Company and Euroseas.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company is engaged in the ocean transportation of dry bulk through ownership and operation of dry bulk ship-owning companies. Details of the Company’s wholly owned subsidiaries are set out below:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Pantelis Shipping Corp., incorporated in Republic of Liberia on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 4, 2009, </div>owner of the Liberian flag <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">74,020</div> DWT bulk carrier M/V "Pantelis" which was built in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2000</div> and acquired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 23, 2009.</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Eirini Shipping Ltd., incorporated in the Republic of Liberia on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2, 2014, </div>owner of the Liberian flag <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">76,466</div> DWT bulk carrier M/V “Eirini P” which was built in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2004</div> and acquired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 26, 2014.</div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Ultra One Shipping Ltd., incorporated in the Republic of Liberia on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 21, 2013, </div>owner of Liberian flag <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">63,500</div> DWT bulk carrier M/V "Alexandros P." (ex- Hull DY <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">160</div>). M/V "Alexandros P" was built and delivered on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 16, 2017.</div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Ultra Two Shipping Ltd., incorporated in the Republic of Liberia on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 21, 2013, </div>entered on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 29, 2013, </div>into a shipbuilding contract with Yangzhou Dayang Shipbuilding Co., Ltd. and Sumec Marine Co., Ltd., for the construction of a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">63,500</div> DWT bulk carrier (Hull <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">DY161</div>). The shipbuilding contract was cancelled on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2, 2016 </div>due to excessive construction delays. Ultra Two Shipping Ltd has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> assets and operations as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Kamsarmax One Shipping Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 4, 2014, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">82,000</div> DWT bulk carrier M/V "Xenia". M/V "Xenia" was built and delivered on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 25, 2016.</div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Kamsarmax Two Shipping Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 4, 2014, </div>entered on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 4, 2014, </div>into a shipbuilding contract with Jiangsu Tianyuan Marine Import & Export Co., Ltd., and Jiangsu Yangzijiang Shipbuilding Co., Ltd. and Jiangsu New Yangzi Shipbuilding Co., Ltd., for the construction of an eco-design fuel efficient <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">82,000</div> DWT bulk carrier (Hull <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">YZJ2013</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1153</div>). In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2016, </div>Kamsarmax Two Shipping Ltd. signed an amended agreement which provided it with an option to terminate the contract by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 (</div>subsequently, extended to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2017) </div>without any additional cost. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2017, </div>the Company decided <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to exercise the option to terminate the contract but to proceed with the construction of Hull <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">YZJ2013</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1153</div> (named "Ekaterini") which was delivered on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 7, 2018.</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Areti Shipping Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 15, 2016, </div>owner of the Cypriot flag <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75,100</div> DWT bulk carrier M/V “Tasos” which was built in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2000</div> and acquired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 9, 2017.</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Light Shipping Ltd., incorporated in the Republic of Marshall Islands on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 6, 2018, </div>owner of the Cypriot flag <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75,845</div> DWT bulk carrier M/V “Starlight” which was built in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2004</div> and acquired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 30, 2018.</div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following charterers individually accounted for more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div> of the Company’s revenues as follows:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</td> <td style="font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Charterer</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2016</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; font-weight: bold">A/S Klaveness Chartering</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">52</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold">Amaggi Europe B.V.</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Dampskibsselskabet Norden A/S</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">China National Chartering (Hong Kong) Co., Limited</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Quadra Commodities S.A.</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> </table> </div></div>
75962
64476
47562
591108
1257058
4375972
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Cash equivalents</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Cash equivalents are cash in bank accounts, time deposits or other certificates purchased with an original maturity of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months or less.</div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Restricted cash</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Restricted cash reflects deposits with certain banks that can only be used to pay the current loan installments or are required to be maintained as a certain minimum cash balance per mortgaged vessel and amounts that are pledged, blocked or held as cash collateral.</div></div></div></div></div></div></div></div></div></div></div></div></div>
1857861
2343415
4901557
7754927
485554
2558142
2853370
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Commitments and Contingencies</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <table style="font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; font-size: 10pt"><div style="display: inline; font-size: 10pt">(a)</div></td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-size: 10pt">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>Areti Shipping Ltd. had a dispute with Windrose SPS Shipping and Trading ("Windrose"), a charterer, regarding Windrose's failure to pay the balance of the charter fee of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$52,019</div> in relation to charter party agreement dated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 20, 2017. </div>Additionally, Areti Shipping Ltd. paid an amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$115,000</div> to a bunker supplier for portion of the total claim of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$179,281,</div> after facing an arrest of M/V "Tasos" in Brazil. The Company took the case to London arbitration and obtained an award of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$215,000.</div> The Company has hired Swiss lawyers in order to proceed with the recovery of the funds in Switzerland where Windrose is based. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2018 </div>Windrose was declared bankrupt and a liquidator was appointed by the Swiss Court. According to the Swiss Law, Areti Shipping Ltd. through their lawyers had to seek recovery of the claim from the Directors of Windrose, who <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be personally liable for company’s debts. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2018 </div>in view of the uncertain recovery prospects our Freight Demurrage and Defence club has withdrawn its support on the case. In view of high costs, the management has decided to abstain from any action against Windrose directors. Further, Areti Shipping Ltd. has filed their claim with the liquidator; however, the amounts recoverable will be small, if any. In view of the above, the management decided to take a provision of the full amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$167,019.</div></div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">There are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> other material legal proceedings to which the Company is a party or to which any of its properties are subject, other than routine litigation incidental to the Company’s business. In the opinion of the management, the disposition of these lawsuits should <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on the consolidated results of operations, financial position and cash flows.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>future gross minimum revenues upon collection of hire under non-cancellable time charter agreements in excess of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> year relate to the M/V “Xenia” and M/V “Ekaterini” total <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11.4</div> million. In arriving at the future gross minimum revenues, the Company has deducted an estimated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> off-hire day per quarter. Such off-hire estimate <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be reflective of the actual off-hire in the future. In addition the actual revenues could be affected by early delivery of the vessel by the charterers or any exercise of the charterers' options to extend the terms of the charters, which however cannot be estimated and hence <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> reflected above.</div></div>
0.03
0.03
200000000
200000000
0
2279920
0
2279920
22799
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Other comprehensive income / (loss)</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: -35.45pt; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> other comprehensive income / (loss) and accordingly comprehensive income / (loss) equals net income / (loss) for all periods presented. As such, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> statement of comprehensive income / (loss) has been presented.</div></div></div></div></div></div></div></div></div></div></div></div></div>
0.52
0.26
0.32
0.17
0.11
0.26
0.18
0.13
0.13
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Principles of consolidation</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The accompanying consolidated financial statements include the accounts of EuroDry Ltd. and its subsidiaries. Inter-company balances and transactions are eliminated on consolidation.</div></div></div></div></div></div></div></div></div></div></div></div></div>
289738
196231
82627
2396318
410676
127509
1465079
0.027
0.0375
0.0295
0.03
0.0325
0.028
0.0325
0.027
4440000
11600000
4820000
12399000
11465000
10383271
15000000
17600000
15000000
38822271
63885000
500000
280000
280000
280000
560000
3720000
350000
350000
725000
405000000000
467000
159743
235000
400000
325000
700000
280000
200000
3160000
3160000
8300000
8000000
4010000000000
7262000
8785841
8420000
11300000
6600000
2100000
38400
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Financing costs</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Loan arrangement fees are deferred and amortized to interest expense over the duration of the underlying loan using the effective interest method. Unamortized fees relating to loans repaid or refinanced are expensed in the period the repayment or refinancing occurs.</div></div></div></div></div></div></div></div></div></div></div></div></div>
195705
140789
295264
385456
3828634
4786272
5422155
4786272
5422155
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Depreciation</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Depreciation is calculated on a straight line basis over the estimated useful life of the vessel with reference to the cost of the vessel, and estimated scrap value. Remaining useful lives of vessels are periodically reviewed and revised to recognize changes in conditions and such revisions, if any, are recognized over current and future periods. The Company estimates that its vessels have a useful life of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</div> years from the completion of their construction.</div></div></div></div></div></div></div></div></div></div></div></div></div>
51453
55030
0.014
5680
5680
49350
49350
51453
51453
0.0175
0.0185
0.0232
0.0293
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.</div></div></td> <td style="width: 5pt"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Derivative Financial Instruments</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Interest rate swaps</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 8, 2017, </div>Euroseas Ltd. entered into an interest rate swap with HSBC Bank Plc. ("HSBC") for a notional amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.0</div> million, in order to manage interest costs and the risk associated with changing interest rates of the loans associated with M/V "Eirini P.", M/V "Tasos" and M/V "Pantelis" and, therefore, was allocated to the Company. Under the terms of the swap, HSBC Bank Plc. makes a quarterly payment to Euroseas equal to the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>-month LIBOR while Euroseas pays an adjustable rate averaging <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.93%</div> (HSBC Bank Plc. makes a quarterly payment to the Company equal to the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>-month LIBOR while the Company pays the fixed rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.40%</div> until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 8, 2018 </div>then <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.75%</div> until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 8, 2019 </div>then <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.85%</div> until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 8, 2020 </div>and then <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.32%</div> until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 8, 2022) </div>based on the notional amount. The swap is effective from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 8, 2017 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 8, 2022. </div>The swap agreement was novated to EuroDry on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 30, 2018.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 24, 2018, </div>EuroDry entered into an interest rate swap with HSBC for a notional amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.0</div> million. Under this contract HSBC makes a quarterly payment to EuroDry equal to the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>-month LIBOR while EuroDry pays a fixed rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.93%</div> based on the notional amount. The swap is effective from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 24, 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 24, 2023.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The interest rate swaps did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> qualify for hedge accounting as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Freight Forward Agreements (“FFA”)</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2018, </div>the Company entered into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> FFA contract on the Baltic Panamax Index (“BPI”) for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> calendar months of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> totaling <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90</div> days at an average time charter equivalent rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12,200</div> per day. <div style="display: inline; font-size: 10pt">The </div>contract is settled on a monthly basis using the average of the BPI for the days of the month the BPI is published. The Company receives a payment if the average BPI for the month is below the contract rate equal to the difference of the contract rate less the average BPI for the month times the number of contract days sold; if the average BPI for the month is greater than the contract rate the Company makes a payment equal to the difference of the average BPI for the month less the contract rate times the number of contract days sold. If the Company buys contracts previously sold (or the opposite) the Company receives or pays the difference of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> rates for the period covered by the contracts.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The FFA contract did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> qualify for hedge accounting. The Company follows guidance relating to “Fair value measurements” to calculate the fair value of the FFA contract (see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16</div>).</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">Derivatives not designated as hedging instruments</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Balance Sheet Location</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 1pt solid">December 31, 2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 1pt solid">December 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 25%; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">FFA contract</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="width: 24%; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Long-term assets– Derivatives</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 22%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 22%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,350</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Interest rate swap contracts</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Long-term assets – Derivatives</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,453</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,680</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Total derivative assets</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,453</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55,030</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">Derivatives not designated as hedging instruments</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Location of gain (loss) recognized</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Year Ended December 31, 2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Year Ended December 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 25%; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Interest rate swap contracts– Unrealized gain / (loss)</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="width: 24%; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Gain on derivatives, net</div></td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 22%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,453</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 22%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(45,773</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Interest rate swap contracts - Realized (loss) / gain</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Gain on derivatives, net</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,286</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,209</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">FFA contract – Fair value</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Gain on derivatives, net</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,350</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Total net gain on derivatives</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,167</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,786</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"> </td> </tr> </table> </div></div>
49167
13786
51453
-45773
-2286
10209
49350
49167
13786
51453
55030
49350
51453
5680
1
2
0.0193
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Derivative financial instruments</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Derivative instruments are recorded in the balance sheet as either an asset or liability measured at its fair value with changes in the instruments' fair value recognized as either a component in other comprehensive income if specific hedge accounting criteria are met in accordance with guidance relating to “Derivatives and Hedging” or in earnings if hedging criteria are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> met.</div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.</div></div></td> <td style="width: 5pt"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Stock Incentive Plan</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 31, 2014, </div>the Board of Directors of Euroseas approved the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> Stock Incentive Plan (the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">“2014</div> Plan”). The plan is administered by Euroseas’ Board of Directors which could make awards totaling in aggregate up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,500,000</div> shares, respectively over <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> years after the plan’s adoption date. The persons eligible to receive awards under the plan are officers, directors, and executive, managerial, administrative and professional employees of Euroseas or Eurobulk or Eurochart (collectively, “key persons”) as the Board, in its sole discretion, shall select based upon such factors as the Board shall deem relevant. Awards <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be made under the plan in the form of incentive stock options, non-qualified stock options, stock appreciation rights, dividend equivalent rights, restricted stock, unrestricted stock, restricted stock units and performance shares. Following the Spin-off, each shareholder of Euroseas received <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> share of EuroDry, for every <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> shares of Euroseas held. Awardees of the Euroseas stock incentive awards with unvested shares received unvested shares of EuroDry with the same ratio, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> share of EuroDry for every <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> shares of Euroseas, taking also into account that the awardees described above are common in both Euroseas and EuroDry. Shares of EuroDry issued for unvested shares of Euroseas will vest on the same schedule with the original Euroseas shares.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Details of awards granted under the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> Plan of Euroseas, which had unvested shares as of the Spin-off date, are noted below.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">a)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 3, 2016 </div>an award of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">82,080</div> non-vested restricted shares, was made to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19</div> key persons of which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> vested on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 1, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> vested on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 1, 2018; </div>awards to officers and directors amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">48,048</div> shares and the remaining <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,032</div> shares were awarded to employees of Eurobulk.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">b)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2, 2017 </div>an award of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100,270</div> non-vested restricted shares, was made to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> key persons of which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> vested on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 1, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> will vest on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 1, 2019; </div>awards to officers and directors amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">57,700</div> shares and the remaining <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42,570</div> shares were awarded to employees of Eurobulk.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; background-color: white">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2018, </div>the Company’s Board of Directors approved an equity incentive plan (the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> “May </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018”Plan</div>). The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2018 </div>Plan will be administered by the Company’s Board of Directors which can make awards totaling in aggregate up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">150,000</div> shares over <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> years after the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2018 </div>Plan’s adoption date. Officers, directors and employees (including any prospective officer or employee) of the Company and its subsidiaries and affiliates and consultants and service providers to (including persons who are employed by or provide services to any entity that is itself a consultant or service provider to) the Company and its subsidiaries and affiliates will be eligible to receive awards under the equity incentive plan. Awards <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be made under the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2018 </div>Plan in the form of incentive stock options, non-qualified stock options, stock appreciation rights, dividend equivalent rights, restricted stock, unrestricted stock, restricted stock units and performance shares. Details of awards granted under the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2018 </div>Plan during the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>are noted below.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" text-align: justify; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 21, 2018 </div>an award of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,090</div> non-vested restricted shares, was made to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> key persons of which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> will vest on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 16, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> will vest on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 16 , </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2020;</div> awards to officers and directors amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,434</div> shares and the remaining <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,656</div> shares were awarded to employees of Eurobulk.</div> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">All non-vested restricted shares are conditional upon the grantee’s continued service as an employee of the Company, Eurobulk or as a director until the applicable vesting date. The grantee does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have the right to vote on such non-vested restricted shares until they vest or exercise any right as a shareholder of these shares, however, the non-vested shares will accrue dividends as declared and paid which will be retained by the Company until the shares vest at which time they are payable to the grantee. As non-vested restricted share grantees accrue dividends on awards that are expected to vest, such dividends are charged to retained earnings.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company estimates the forfeitures of non-vested restricted shares to be immaterial and hence accounts for forfeitures as they occur. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> forfeitures occurred in the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The compensation cost that has been charged against income for awards was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$137,517</div> for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>and is included within “Other general and administrative expenses” in the consolidated statements of operations. The Company has used the straight-line method to recognize the cost of the awards.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div><div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">A summary of the status of the Company’s non-vested shares as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>and changes during the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>are presented below:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Non-vested Shares</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Shares</td> <td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid; text-align: center">Weighted-Average Grant-Date Fair Value</td> <td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt; border-bottom: Black 1pt solid">Non-vested on May 31, 2018</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,072</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.30</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">Granted</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,090</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.14</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">Vested</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(18,045</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8.30</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">Forfeited</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">Non-vested on December 31, 2018</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,117</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.61</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>there was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$241,339</div> of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> Plan and the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2018 </div>Plan and is expected to be recognized over a weighted-average period of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.06</div> years. The total fair value at grant-date of shares granted during the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$254,413.</div></div></div>
600000
565229
565229
565229
565229
565229
3706259
5967444
3706259
5967444
24585518
10100000
8800000
4500000
0
24585518
-6.21
0.38
0.25
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Earnings / (loss) per common share</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: -35.45pt; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Basic earnings / (loss) per share is computed by dividing net income/(loss) attributable to common shareholders, after the deduction of dividends paid (in cash or in-kind) to preferred shareholders, by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include any potentially dilutive securities or any non-vested restricted shares of common stock. These non-vested restricted shares, although classified as issued and outstanding as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>are considered contingently returnable until the restrictions lapse and are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> included in the basic net income per share calculation until the shares are vested.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Diluted earnings / (loss) per share gives effect to all potentially dilutive securities to the extent that they are dilutive, using the treasury stock method. The Company uses the treasury stock method for non-vested restricted shares, while for the preferred shares issued the Company uses the if-converted method to assess the dilutive effect.</div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.</div></div></td> <td style="width: 5pt"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">(Loss) / Earnings per Share</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Basic and diluted (loss) / earnings per common share are computed as follows:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2016</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; padding-left: 0.4pt">Income:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 0.4pt">Net (loss) / income</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0pt 0">(10,141,353</div></div> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0pt 0">849,701</div></div> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0pt 0">1,119,735</div></div> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 0.4pt">Dividends to Series B preferred shares</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0pt 0">-</div></div> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0pt 0">-</div></div> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0pt 0">(565,229</div></div> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 55%; font-size: 10pt; text-align: left; padding-left: 0.4pt">Net (loss) / income attributable to common shareholders</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(10,141,353</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">849,701</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">554,506</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0.4pt">Basic and diluted earnings per share:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 0.4pt">Weighted average common shares - outstanding</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,633,141</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,213,505</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,232,821</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 0.4pt">Basic and diluted (loss) / earnings per share</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6.21</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.38</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.25</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-indent: -0.5in; margin: 0pt 0 0pt 0.5in"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the effect of the non-vested stock awards and of Series B Preferred Shares was anti-dilutive. The number of dilutive securities was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nil</div> shares in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div></div></div>
241339
P1Y21D
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value Measurement as of December 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(Level 1)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(Level 2)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(Level 3)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"><div style="display: inline; text-decoration: underline;">Assets</div></td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left; padding-bottom: 1pt">Interest rate swap contracts, current and long term portion</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,680</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,680</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">FFA contract, long term portion</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,350</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,350</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value Measurement as of December 31, 2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(Level 1)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(Level 2)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(Level 3)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"><div style="display: inline; text-decoration: underline;">Assets</div></td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left; padding-bottom: 1pt">Interest rate swap contracts, current and long term portion</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,453</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,453</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16.</div></div></td> <td style="width: 5pt"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Financial Instruments</div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.7pt">The principal financial assets of the Company consist of cash and cash equivalents, restricted cash, trade accounts receivable, other receivables, derivatives and due from related companies. The principal financial liabilities of the Company consist of long-term bank loans, trade accounts payable and accrued expenses.</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Interest rate risk </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-style: italic;"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.7pt">The Company enters into interest rate swap contracts as economic hedges to manage some of its exposure to variability in its floating rate long term bank loans. Under the terms of the interest rate swaps the Company and HSBC agreed to exchange, at specified intervals the difference between a paying fixed rate and receiving floating rate interest amount calculated by reference to the agreed principal amounts and maturities. Interest rate swap allows the Company to convert long-term bank loans issued at floating rates into equivalent fixed rates. Even though the interest rate swaps were entered into for economic hedging purposes, as noted in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div> they do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> qualify for hedge accounting, under the guidance relating to Derivatives and Hedging, as the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have currently written contemporaneous documentation identifying the risk being hedged and, both on a prospective and retrospective basis, performing an effectiveness test to support that the hedging relationship is highly effective. Consequently, the Company recognizes the change in fair value of the derivative in the "Gain on derivatives, net" in the consolidated statements of operations. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>the Company had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> open interest rate swap contracts for a notional amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10.0</div> million.</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: -42.55pt; margin: 0pt 0 0pt 42.55pt"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: -42.55pt; margin: 0pt 0 0pt 42.55pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Concentration of credit risk</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: -42.55pt; margin: 0pt 0 0pt 42.55pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Financial instruments, which potentially subject the Company to significant concentration of credit risk consist primarily of cash and trade accounts receivable. The Company places its temporary cash investments, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluation of the relative credit standing of these financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with trade accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> require collateral for its trade accounts receivable.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: -42.55pt; margin: 0pt 0 0pt 42.55pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: -42.55pt; margin: 0pt 0 0pt 42.55pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Fair value of financial instruments</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: -42.55pt; margin: 0pt 0 0pt 42.55pt"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company follows guidance relating to “Fair value measurements”, which establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. This statement enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The statement requires that assets and liabilities carried at fair value will be classified and disclosed in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> of the following <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> categories:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1:</div> Quoted market prices in active markets for identical assets or liabilities;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2:</div> Observable market based inputs or unobservable inputs that are corroborated by market data;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3:</div> Unobservable inputs that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> corroborated by market data.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The fair value of the Company’s investment in FFA contract is determined based on quoted prices in active markets and therefore are considered Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> of the fair value hierarchy as defined in guidance relating to "Fair value measurements".</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The fair value of the Company’s interest rate swap agreements is determined using a discounted cash flow approach based on market-based LIBOR swap rates. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> items. The fair values of the interest rate swaps determined through Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> of the fair value hierarchy as defined in guidance relating to "Fair value measurements" are derived principally from or corroborated by observable market data. Inputs include quoted prices for similar assets, liabilities (risk adjusted) and market-corroborated inputs, such as market comparables, interest rates, yield curves and other items that allow value to be determined.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Recurring Fair Value Measurements</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value Measurement as of December 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(Level 1)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(Level 2)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(Level 3)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"><div style="display: inline; text-decoration: underline;">Assets</div></td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left; padding-bottom: 1pt">Interest rate swap contracts, current and long term portion</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,680</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,680</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">FFA contract, long term portion</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,350</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,350</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value Measurement as of December 31, 2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(Level 1)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(Level 2)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(Level 3)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"><div style="display: inline; text-decoration: underline;">Assets</div></td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left; padding-bottom: 1pt">Interest rate swap contracts, current and long term portion</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,453</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,453</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.7pt">The estimated fair values of the Company’s financial instruments such as cash and cash equivalents and restricted cash approximate their individual carrying amounts as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> due to their short-term maturity. Cash and cash equivalents and restricted cash are considered Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> items as they represent liquid assets with short-term maturities. The fair value of the Company’s total borrowings approximates <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$63.8</div> million as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.1</div> million less than its carrying value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$63.9</div> million. The fair value of the long term borrowings are estimated based on current interest rates offered to the Company for similar loans. LIBOR rates are observable at commonly quoted intervals for the full terms of the loans and hence fair values of the long-term bank loans are considered Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> items in accordance with the fair value hierarchy due to their variable interest rate, being the LIBOR.</div></div>
-10369
-10548
11040
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Foreign currency translation</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company’s functional currency as well as the functional currency of all its subsidiaries is the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the balance sheet date. Income and expenses denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the date of the transaction. The resulting exchange gains and/or losses on settlement or translation are included in the accompanying consolidated statements of operations.</div></div></div></div></div></div></div></div></div></div></div></div></div>
-3200000
798828
917160
2346502
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Impairment of long-lived assets</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company reviews its long-lived assets “held and used” for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recoverable. If indicators of impairment are present, the Company performs an analysis of the anticipated undiscounted future net cash flows of the related long-lived assets. When the estimate of future undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company evaluates the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. In this respect, management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company’s vessels.</div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.</div></div></td> <td style="width: 5pt"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Income Taxes</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the United States Internal Revenue Code of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1986,</div> as amended (the "Code"), the U.S. source gross transportation income of a ship-owning or chartering corporation, such as the Company, is subject to a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4%</div> U.S. federal income tax without allowance for deduction, unless that corporation qualifies for exemption from tax under Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">883</div> of the Code and the Treasury Regulations promulgated thereunder. U.S. source gross transportation income consists of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> of the gross shipping income that is attributable to transportation that begins or ends, but that does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> both begin and end, in the United States.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under IRS regulations, a Company’s shares will be considered to be regularly traded on an established securities market if (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> or more classes of its shares representing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> or more of its outstanding shares, by voting power of all classes of shares of the corporation entitled to vote and of the total value of the shares of the corporation, are listed on the market and (ii) (A) such class of share is traded on the market, other than in minimal quantities, on at least <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60</div> days during the taxable year or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">sixth</div> of the days in a short taxable year; and (B) the aggregate number of shares of such class of share traded on such market during the taxable year must be at least <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div> of the average number of shares of such class of share outstanding during such year or as appropriately adjusted in the case of a short taxable year. Notwithstanding the foregoing, the treasury regulations provide, in pertinent part, that a class of the Company’s shares will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be considered to be “regularly traded” on an established securities market for any taxable year in which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified share attribution rules, on more than half the days during the taxable year by persons who each own <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5%</div> or more of the vote and value of such class of the Company’s outstanding shares, (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">“5%</div> Override Rule”).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the taxable years <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> the Company believes that it was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> exempt from U.S. federal income tax of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4%</div> on U.S. source shipping income, as it believes that it did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> satisfy the Publicly Traded Test for these years before the Spin-off, while being part of Euroseas, since Euroseas’ common stock did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> constitute more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> of Euroseas’ outstanding shares by value for the respective taxable years. As a result, tax charge of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7,200</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$23,477</div> were paid on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 16, 2017 </div>and on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 17, 2018, </div>respectively and were recorded within "Vessel operating expenses" in the consolidated statements of operations when paid.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the taxable year <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> the Company believes that it was exempt from U.S. federal income tax of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4%</div> on U.S. source shipping income, as it believes that it satisfies the Publicly Traded Test for this year, although it is subject to the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5%</div> Override Rule, because there were nonqualified <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5%</div> shareholders that did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> own more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> of our common stock for more than half of the days during the taxable year.</div></div>
17835
527943
-302110
645680
612037
129182
128508
37630
360599
241359
-44436
1809442
66022
209192
-93507
-2564940
3045377
1968521
99499
184071
114756
-469
29368
75269
1161169
1817574
2913141
689726
1608348
2516216
488764
1462852
2220713
398934
694437
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.</div></div></td> <td style="width: 5pt"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Inventories</div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Inventories consisted of the following:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><div style=" margin: 0pt 0">December 31,</div> 2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><div style=" margin: 0pt 0">December 31,</div> 2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt">Lubricants</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">418,650</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">533,300</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">Victualing</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">33,541</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">33,647</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-indent: 0in">Total</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">452,191</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">566,947</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table> </div></div>
418650
533300
33541
33647
452191
566947
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Inventories</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Inventories are stated at the lower of cost and net realizable value, which is the estimated selling price less reasonably predictable costs of disposal and transportation. Inventories are valued using the FIFO (First-In First-Out) method.</div></div></div></div></div></div></div></div></div></div></div></div></div>
53
14083
64590553
65411848
97452676
127707761
9641000
8983748
54949553
56428100
0.009
4840000
12850000
11600000
63885000
7967267
6930655
63800000
10300000
7071444
20619000
5626778
13358889
6908889
30364035
56428100
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.</div></div></td> <td style="width: 5pt"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Long-Term Bank Loans</div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">These consist of bank loans of the ship-owning companies and are as follows:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: -35.45pt; margin: 0pt 0 0pt 35.45pt"></div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Borrower</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, <br /> 2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, <br /> 2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; text-align: left">Pantelis Shipping Corp.</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 14%; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(a)</div></td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,440,000</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Eirini Shipping Ltd. / Areti Shipping Ltd.</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(b)</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,600,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,820,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Kamsarmax One Shipping Ltd.</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(c)</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,399,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,465,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Ultra One Shipping Ltd.</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0pt 0">(d), (e)</div></div> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,383,271</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,000,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Kamsarmax Two Shipping Ltd</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(f)</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,600,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Light Shipping Ltd. / Areti Shipping Ltd. / Pantelis Shipping Corp.</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(g)</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,000,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38,822,271</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">63,885,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Less: Current portion</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,162,972</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0pt 0">(7,071,444</div></div> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Long-term portion</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(30,659,299</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(56,813,556</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Deferred charges, current portion</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">195,705</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">140,789</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Deferred charges, long-term portion</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">295,264</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">385,456</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Long-term bank loans, current portion net of deferred charges</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,967,267</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,930,655</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Long-term bank loans, long-term portion net of deferred charges</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,364,035</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">56,428,100</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: -35.45pt; margin: 0pt 0 0pt 35.45pt"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: -35.45pt; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The future annual loan repayments are as follows:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">To December 31:</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; font-size: 10pt; text-align: justify">2019</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0pt 0">7,071,444</div></div> </td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">2020</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0pt 0">6,908,889</div></div> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">2021</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0pt 0">13,358,889</div></div> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">2022</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0pt 0">5,626,778</div></div> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">2023</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,619,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">Thereafter</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,300,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Total</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">63,885,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(a)</td> <td style="text-align: justify">This loan is a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13,000,000</div> loan drawn by Pantelis Shipping Corp. on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2009. </div>The loan was payable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32</div> consecutive quarterly instalments, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$500,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twenty-eight</div> in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$280,000,</div> with a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,160,000</div> balloon payment to be paid together with the final instalment in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2017. </div>The loan bore interest at LIBOR plus a margin of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.70%.</div> The loan was secured with the following: (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> priority mortgage over M/V "Pantelis", (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> assignment of earnings and insurance of M/V "Pantelis", (iii) a corporate guarantee of Euroseas Ltd. (replaced by EuroDry Ltd. following the Spin-off) and (iv) a minimum cash balance equal to an amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$300,000</div> in an account maintained by Pantelis Shipping Corp. maintained with HSBC Bank Plc.</td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2016, </div>the Company signed a Supplemental Agreement with HSBC Bank PLC to defer the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> remaining consecutive quarterly instalments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$280,000</div> each (being <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,680,000</div> in aggregate) until (a) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2017 (</div>being the initial final repayment date together with the balloon payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,160,000</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> bullet payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,840,000</div>) or (b) to extend the final repayment date of the deferred amount and the balloon payment until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2018 </div>if Euroseas agreed with the current lender of M/V "Evridiki G" (being Credit Agricole) or any other bank the extension of the repayment date of her balloon instalment at least until her current charter matures in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> which was finally agreed. In this case, the outstanding amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,840,000</div> would be paid in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> quarterly instalments, the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> instalments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$280,000</div> each, the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> instalment in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$560,000</div> and the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fourth</div> instalment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,720,000</div> comprised by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$560,000</div> and the balloon payment. The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> instalment was paid in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2018 </div>and the following instalments at quarterly intervals thereafter and the last <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2018. </div>The asset coverage ratio was reduced from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">130%</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75%</div> until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017. </div>A cash sweep mechanism was put in place until the entire deferred amount is repaid. A cash collateral amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$300,000</div> (corresponding to the minimum cash balance requirement) was pledged in the cash collateral account of the owner of M/V "Eirini P"/M/V "Tasos" or of Euroseas as corporate guarantor. A prepayment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.4</div> million was also made within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and a prepayment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.0</div> million was made in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> for the loan of Pantelis Shipping Corp. These prepayments were deducted from balloon repayment of the said loan based on the agreement between Euroseas and HSBC Bank Plc. The loan was fully repaid and refinanced by the National Bank of Greece, <div style="display: inline; background-color: white">as explained in note (g) below, </div>in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2018.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"></div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(b)</td> <td style="text-align: justify"><div style="display: inline; background-color: white">This loan is a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15,300,000</div> loan drawn by Eirini Shipping Ltd. and Eleni Shipping Ltd. jointly, ("Eirini Loan"), on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 25, 2014. </div>The parties agreed in principle on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2016 </div>to replace <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> of the underlying collaterals of the Eirini Loan (M/V "Eleni P") with a similar vessel, which in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2016, </div>was approved to be M/V "Tasos" (owned by Areti Shipping Ltd.). The loan was payable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div> equal consecutive quarterly instalments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$350,000</div> each, with an <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8.3</div> million balloon payment to be paid together with the final instalment in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2019. </div>The loan bears interest at LIBOR plus a margin of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.75%.</div> The loan was secured with the following: (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> priority mortgage over M/V "Eirini P." and M/V "Tasos.", (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> assignment of earnings and insurance of M/V "Eirini P." and M/V "Tasos", (iii) a corporate guarantee of Euroseas Ltd. <div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">(replaced by EuroDry Ltd. following the Spin-off).</div></div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"><div style="display: inline; background-color: white">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2016, </div>the Company signed a Supplemental Agreement with HSBC Bank PLC. The outstanding balance of the "Eirini Loan" of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12,850,000</div> prior to the closing of the Supplemental Agreement was reduced to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11,600,000</div> via prepayment using the cash collateral of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,250,000</div> (which was effected after the signing of the Supplemental Agreement). In addition, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">seven</div> principal instalments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$350,000</div> each, from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2017 </div>were deferred. Repayment of the loan resumed in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2018 </div>and the outstanding balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11,600,000</div> will be repaid in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> quarterly instalments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$350,000</div> each, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$725,000</div> each plus a balloon payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,000,000</div> due in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2019. </div>The asset coverage ratio was reduced from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">130%</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75%</div> until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017. </div>A cash sweep mechanism was put in place until the entire deferred amount is repaid. A cash collateral amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$600,000</div> (corresponding to the minimum cash balance requirement) is to be pledged in the cash collateral account of M/V "Eirini P" / M/V "Tasos". For the avoidance of doubt the aforementioned cash collateral is in addition to the cash collateral required to be maintained in the cash collateral account pursuant to the loan agreement of Pantelis Shipping Corp. M/V "Eleni P" was sold on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 26, 2017 </div>and the proceeds from the sale were contributed to the Company by Euroseas during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and were used to partly pay for the acquisition of M/V "Tasos". HSBC Bank Plc. agreed to the sale of M/V "Eleni P" and the substitution of such vessel with M/V "Tasos" as collateral for the loan. <div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">A prepayment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.45</div> million was also made within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> which was deducted from the balloon repayment of the said loan based on the agreement between Euroseas and HSBC Bank Plc. <div style="display: inline; background-color: white">The loan was partly repaid in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2018 </div>through the refinancing by the National Bank of Greece as explained in note (g) below. The only vessel remaining in the facility is Eirini P whilst there are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> quarterly principal payments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$405,000</div> each ,due in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and a balloon amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,010,000</div> million due on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 26, 2019 </div>to be paid together with the last instalment. The Security Cover ratio for this facility stands at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">130%.</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2019, </div></div>the Company entered into a term sheet with HSBC Bank PLC to refinance the specific loan, <div style="display: inline; background-color: white">as explained in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17.</div></div></div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(c)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 17, 2016, </div>the Company signed a term loan facility with Nord LB and, on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 25, 2016, </div>a loan of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13,800,000</div> was drawn by Kamsarmax One Shipping Ltd. to partly finance the pre-delivery installment of M/V "Xenia". The loan is to be repaid in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fourteen</div> consecutive equal semi-annual installments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$467,000</div> plus a balloon amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7,262,000.</div> The loan bears interest at LIBOR plus a margin of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.95%.</div> The loan is secured with (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> priority mortgage over M/V "Xenia", (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> assignment of earnings and insurance of M/V "Xenia", (iii) a corporate guarantee of Euroseas Ltd <div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">(replaced by EuroDry Ltd. following the Spin-off) <div style="display: inline; background-color: white">and other covenants and guarantees similar to the rest of the loans of the Company. </div></div></td> </tr> </table> <div style=" margin-top: 0; margin-bottom: 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(d)</td> <td style="text-align: justify"><div style="display: inline; background-color: white">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 20, 2015, </div>the Company signed a term loan facility with HSH Nordbank AG of up to the lesser of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$19.00</div> million or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">62.5%</div> of the market value of Hull <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">DY160</div> (named Alexandros P) upon its delivery to partly finance the construction cost. A commitment fee of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.9%</div> per annum was payable until the loan was drawn. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 28, 2016 </div>and on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 27, 2016, </div>the Company signed supplemental loan agreements to the term loan facility signed on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 20, 2015 </div>extending the allowed drawdown period until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2016 </div>and subsequently until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2017 </div>to account for delays in the construction of the Hull <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">DY160,</div> and reducing the maximum loan amount to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55%</div> of the market value of the vessel at delivery. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 25, 2017 </div>the Company drew <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10,862,500</div> from HSH Nordbank AG, to partly finance the pre-delivery installment of M/V "Alexandros P". The loan is payable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">thirteen</div> equal consecutive quarterly instalments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$159,743</div> each commencing from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2017, </div>with a balloon payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,785,841</div> to be paid together with the last instalment in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2020. </div>The loan bears interest at LIBOR plus a margin of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.00%.</div> The loan is secured with (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> priority mortgage over M/V "Alexandros P.", (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> assignment of earnings and insurance of M/V "Alexandros P.", (iii) a corporate guarantee of Euroseas Ltd <div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">(replaced by EuroDry Ltd. following the Spin-off) <div style="display: inline; background-color: white">and other covenants and guarantees similar to the rest of the loans of the Company. This loan was fully refinanced in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2018 </div>by Eurobank as explained in note (e) below.</div></div></div></td> </tr> </table> <div style=" margin-top: 0; margin-bottom: 0"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(e)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 1, 2018, </div>the Company signed a term loan facility with Eurobank Ergasias S.A. (EFG) of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15.00</div> million or the <div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60%</div> of the market value of <div style="display: inline; background-color: white">M/V "Alexandros P."</div>, for the purpose of refinancing the outstanding loan facility of <div style="display: inline; background-color: white">HSH Nordbank AG and providing working capital. The new facility was drawn in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2018. </div></div>The loan is payable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twenty eight</div> consecutive equal quarterly instalments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$235,000</div> each, followed by a balloon payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,420,000</div> to be paid together with the last instalment in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2025. </div>The loan bears interest at LIBOR plus a margin of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.25%.</div> The loan is secured with (i) <div style="display: inline; background-color: white"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> priority mortgage over M/V "Alexandros P.", (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> assignment of earnings and insurance of M/V "Alexandros P.", (iii) a corporate guarantee of EuroDry Ltd and other covenants and guarantees similar to the rest of the loans of the Company. The Security Cover ratio for this facility stands at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">120%.</div> The Company paid loan arrangement fees of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$135,000</div> for this loan.</div></div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(f)</td> <td style="text-align: justify"><div style="display: inline; background-color: white">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 27, 2018, </div>the Company signed a term loan facility with HSBC Bank plc. of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$18.4</div> million drawn by Kamsarmax Two Shipping Ltd. to finance <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">70%</div> of the construction cost but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">70%</div> of the market value of M/V "Ekaterini", subject to the existence of a time charter at the time of drawdown, for a minimum period of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24</div> months approved by the lender. The loan is payable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twenty</div> consecutive quarterly instalments commencing from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">eight</div> in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$400,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twelve</div> in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$325,000,</div> with a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11,300,000</div> balloon payment to be paid together with the last instalment in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2023. </div>The interest rate margin is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.80%</div> over LIBOR. The loan will be secured with (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> priority mortgage over M/V "Ekaterini", (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> assignment of earnings and insurance of M/V "Ekaterini" and (iii) other covenants and guarantees similar to the remaining loans of the Company. The Security Cover ratio for this facility stands at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">130%.</div> The Company paid loan arrangement fees of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$147,200</div> for this loan.</div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"></div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(g)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 27, 2018, </div>the Company signed a term loan facility with the National Bank of Greece S.A. (NBG) and a loan of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15,000,000</div> was drawn by Light Shipping Ltd., Areti Shipping Ltd. and Pantelis Shipping Corp. for the purpose of refinancing the existing loans with HSBC Bank PLC regarding M/V “Pantelis” and M/V “Tasos” and financing part of the acquisition cost of M/V “Starlight”. The loan is payable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twelve</div> consecutive equal quarterly installments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$700,000,</div> commencing from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2019, </div>plus a balloon amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,600,000</div> to be paid together with the last instalment in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2021. </div>The margin of the loan is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.25%</div> above LIBOR. The loan is secured with (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> priority mortgages over M/V “Starlight”, M/V “Pantelis ” and M/V “Tasos” (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> assignment of earnings and insurance of M/V “Starlight”, M/V “Pantelis ” and M/V “Tasos”, (iii) a corporate guarantee of EuroDry Ltd and other covenants and guarantees similar to remaining loans of the Company. <div style="display: inline; background-color: white">The Security Cover ratio for this facility stands at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">125%.</div> </div>The Company paid loan arrangement fees of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$150,000</div> for this loan.</td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">In addition to the terms specific to each loan described above, all the above loans are secured with a pledge of all the issued shares of each borrower.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The loan agreements also contain covenants such as minimum requirements regarding the hull ratio cover (the ratio of fair value of vessel to outstanding loan less cash in retention accounts ranging from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">120%</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">130%</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018), </div>restrictions as to changes in management and ownership of the ship-owning companies, distribution of profits or assets (i.e. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> permitting dividend payment or other distributions in cases that an event of default has occurred), additional indebtedness and mortgage of vessels without the lender’s prior consent, sale of vessels, maximum fleet-wide leverage, sale of capital stock of our subsidiaries, ability to make investments and other capital expenditures, entering in mergers or acquisitions, minimum cash balance requirements and minimum cash retention accounts (restricted cash). The loan agreements also require the Company to make deposits in retention accounts with certain banks that can only be used to pay the current loan instalments. Minimum cash balance requirements are in addition to cash held in retention accounts. These cash deposits amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,644,499</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,378,955</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively, and are included in “Restricted cash” under “Current assets” and “Long-term assets” in the consolidated balance sheets. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>all the debt covenants are satisfied.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Interest expense for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$689,726,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,608,348</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,516,216,</div> respectively. Capitalized interest for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$497,813,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$123,697</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$173,841,</div> respectively.</div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Recent accounting pronouncements</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> “Leases (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>)”, which amends the existing accounting standard for lease accounting and adds additional disclosures about leasing arrangements. ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> requires lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by most leases, while lessor accounting remains largely unchanged. ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842,</div> as amended, subject to certain transition relief options, requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, or allows entities to elect <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to recast the comparative periods presented when transitioning to ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> and to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> also provides a practical expedient to lessors by class of underlying asset, to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> separate non lease components from the associated lease component, similar to the expedient provided for lessees, when the following criteria are met i) the timing and pattern of transfer for the lease component is the same as those for the non-lease component associated with that lease component and (ii) the lease component, if accounted for separately, would be classified as an operating lease. ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> is effective for public entities with reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018, </div>including interim periods within those fiscal periods. Early adoption is permitted for all entities. The Company will adopt ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> for its reporting period commencing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019 </div>and has elected <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to recast the comparative periods presented when transitioning to ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842.</div> The Company’s time charter agreements are classified as operating leases pursuant to ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842,</div> because (i) the vessel is an identifiable asset, (ii) the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel, during the term of the contract, and derives the economic benefits from such use. The nature of the lease component and non-lease component that were combined as a result of applying the practical expedient are the contract for the hire of a vessel and the fees for operating and maintaining the vessel respectively. The Company has elected <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to separate the lease and non-lease components. The lease component is the predominant component and the Company accounts for the combined component as an operating lease in accordance with Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842.</div> Since lessor accounting remains largely unchanged from current U.S. GAAP, the implementation of this standard will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a significant impact on the Company’s financial statements, however it will increase the disclosures relating to the Company’s leasing arrangements.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> <br /></div> <!-- Field: Page; Sequence: 17; Value: 1 --> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,</div> Financial Instruments - Credit Losses. The main objective of this Update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments in this Update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The ASU requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2018, </div>FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19</div> “Codification Improvements to topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326,</div> Financial Instruments-Credit Losses”. The amendments in this update clarify that operating lease receivables are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> within the scope of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div> and should instead be accounted for under the new leasing standard, ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842.</div> For public business entities, the amendments in this Update are effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2019, </div>including interim periods within those fiscal years. Early application is permitted. The adoption of this ASU is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expected to have a material effect on the Company’s consolidated financial statements and accompanying notes.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">07,</div> Improvements to Nonemployee Share-Based Payment Accounting (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">718</div>). This ASU expands the scope of Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">718,</div> which currently only includes share-based payments issued to employees, to also include share-based payments issued to nonemployees for goods and services. Currently, nonemployee awards are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever can be more reliably measured. Under ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">07,</div> equity-classified nonemployee awards within the scope of Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">718</div> will be measured at grant-date fair value. The ASU simplified the accounting for share-based payments granted to nonemployees for goods and services, therefore guidance on such payments to nonemployees would be mostly aligned with the requirements for share-based payments granted to employees. The amendments in this ASU are effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018, </div>with early adoption permitted. The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> believe this ASU will have a material impact on its consolidated financial statements.</div> <div style=" font-size: 10pt; text-transform: uppercase; text-align: justify; text-indent: 0in; margin: 0pt 0"><div style="display: inline; text-transform: none"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 18; Value: 1 --> <div style=" font-size: 10pt; text-align: justify; text-indent: -35.45pt; margin: 0pt 0 0pt 35.45pt"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,</div> Fair Value Measurement (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820</div>): Disclosure Framework – Changes to the disclosure requirements for fair value measurement. The amendments in this Update modify the disclosure requirements on fair value measurements in Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820,</div> Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2019. </div>The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this Update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective date. The adoption of this ASU is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expected to have a material effect on the Company’s consolidated financial statements and accompanying notes.</div></div></div></div></div></div></div></div></div></div></div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Pension and retirement benefit obligations – crew </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The ship-owning companies contract the crews on board the vessels under short-term contracts (usually up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div> months). Accordingly, they are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> liable for any pension or post-retirement benefits.</div></div></div></div></div></div></div></div></div></div></div></div></div>
0.05
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19042
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15.</div></div></td> <td style="width: 5pt"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Preferred shares</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number <br />of <br />Shares</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Preferred Shares <br />Amount</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style=" font-size: 10pt; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><div style="display: inline; font-weight: bold;">Dividends paid-in-kind</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Issued, May 30, 2018</div></div> </td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,042</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,192,129</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,192,129</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Dividends declared</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">566</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">565,229</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">565,229</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Balance, December 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,608</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,192,129</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">565,229</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,757,358</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 27, 2014, </div>Euroseas issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,000</div> shares of its Series B Convertible Perpetual Preferred Shares to a fund managed by Tennenbaum Capital Partners, LLC ("TCP") and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,700</div> shares to Preferred Friends Investment Company Inc, an affiliate of Euroseas and the Company, for total net proceeds of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$29</div> million. The redemption amount of the Series B Preferred Shares is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,000</div> per share.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Company’s amended and restated articles of incorporation, effective after the Spin-off, the Company is authorized to issue up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,000,000</div> shares of preferred stock, par value <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.01</div> per share. The preferred stock <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be issued in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> or more series and the Company’s Board of Directors, without further approval from the Company’s shareholders, is authorized to fix the dividend rights and terms, conversion rights, voting rights, redemption rights, liquidation preferences and other rights and restrictions relating to any series. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 30, 2018, </div>in connection with the Spin-off, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,042</div> EuroDry Series B Preferred Shares, representing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> of Euroseas Series B Preferred Stock, were issued and distributed to holders of Euroseas' Series B Preferred Shares in exchange for the cancelation of an equal number of such Euroseas Series B Preferred Shares. The rights of the holders of EuroDry Series B Preferred Shares rank senior to the obligations to holders of our common shares. Additionally EuroDry Series B Preferred Shares were issued when dividends to EuroDry Series B Preferred Shares are paid in-kind.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The EuroDry Series B Preferred Shares will pay dividends (in cash or in-kind at the option of the Company, subject to certain exceptions) up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 29, 2019 </div>of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5%</div> per annum, or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0%,</div> depending on the trading price of the Company's common stock. In addition, if a cash dividend is paid on the Company's common stock during such time, then if the dividend paid on the EuroDry Series B Preferred Shares is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5%,</div> the holders of EuroDry Series B Preferred Shares will receive such dividend in cash and will also receive an additional cash dividend in an amount equal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40%</div> of the common stock dividend it would have received on an as-converted basis. If, however, the dividend on EuroDry Series B Preferred Shares is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0%,</div> then the holders of EuroDry Series B Preferred Shares will receive a cash dividend equal to the greater of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100%</div> of the common stock dividend it would have received on an as-converted basis, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5%.</div> If a cash dividend is paid on the Company's common stock after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 29, 2019 </div>the holders of EuroDry Series B Preferred Shares will receive an additional cash dividend in an amount equal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40%</div> of the common stock dividend it would have received on an as-converted basis. The dividend rate will increase to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12%</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> years following <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 29, 2019 </div>and to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14%</div> thereafter and will be payable in cash. Cash dividends will be declared at each quarter, with actual payments to be made within the following quarter. The EuroDry Series B Preferred Shares are convertible to common shares at the option of their holders at any time, and at the option of the Company only if certain share price and liquidity milestones are met. Each EuroDry Series B Preferred Share will be convertible into common stock at an initial conversion price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$31.64</div> (subject to adjustment for certain events, including upon a default). EuroDry Series B Preferred Shares are redeemable in cash by the Company at any time after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 29, 2019. </div>Holders of EuroDry Series B Preferred Shares <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>require the Company to redeem their shares only upon the occurrence of certain corporate events.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">For the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>the Company declared <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> consecutive dividends totaling <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.6</div> million (or dividends of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$28.83</div> per preferred share), all of which were paid in kind. The redemption liability as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$19,607,358.</div> After <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2019, </div>the dividend will be payable only in cash as described above.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to certain ownership thresholds, holders of EuroDry Series B Preferred Shares have the right to appoint <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> director to the Company's board of directors and TCP also has consent rights over certain corporate actions. In addition, the holders of EuroDry Series B Preferred Shares will vote as <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> class with the Company's common stock on all matters on which shareholders are entitled to vote, with each EuroDry Series B Preferred Share having a number of votes equal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> of the numbers of shares of common stock of the Company into which such EuroDry Series B Preferred Share would be convertible on the applicable record date.</div></div>
18192129
18192129
18192129
565229
18757358
72520
147789
29000000
1200000
13000000
15300000
13800000
10862500
18400000
15000000
13800000
10862500
48400000
725620
-639312
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.</div></div></td> <td style="width: 5pt"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Vessels, net</div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; margin: 0pt 0">The amounts in the accompanying consolidated balance sheets are as follows:</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; border-bottom: Black 1pt solid"><div style=" font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"> </div><div style=" font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">Costs</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated <br />Depreciation</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Book <br />Value</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-indent: -21.3pt; padding-left: 21.3pt">Balance, January 1, 2017</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80,712,825</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(16,273,461</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">64,439,364</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: -14.2pt; padding-left: 14.2pt">- Delivery of M/V “Alexandros P”</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,807,934</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,807,934</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: -21.3pt; padding-left: 21.3pt">- Delivery of M/V “Tasos”</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,503,464</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,503,464</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: -21.3pt; padding-left: 21.3pt">- Capitalized expenses</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,146</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,146</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; text-indent: -21.3pt; padding-left: 21.3pt">- Depreciation for the year</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,786,272</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,786,272</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-indent: -21.3pt; padding-left: 21.3pt">Balance, December 31, 2017</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">103,039,369</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(21,059,733</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">81,979,636</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: -14.2pt; padding-left: 14.2pt">- Delivery of M/V “Ekaterini”</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,869,382</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,869,382</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: -21.3pt; padding-left: 21.3pt">- Delivery of M/V “Starlight”</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,210,599</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,210,599</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; text-indent: -21.3pt; padding-left: 21.3pt">- Depreciation for the year</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,422,155</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,422,155</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-indent: -21.3pt; padding-left: 21.3pt">Balance, December 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">137,119,350</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(26,481,888</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">110,637,462</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company considers the potential sale of its vessels, for scrap or further trading, depending on a vessel’s age, any additional capital expenditures required, the expected revenues from continuing to own the vessel and the overall market prospects.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 5, 2018, </div>Light Shipping Ltd. signed a memorandum of agreement to purchase M/V "Starlight" a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75,845</div> DWT <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2004</div>-built drybulk carrier, for a purchase price plus costs to make the vessel available for use of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10,210,599.</div> M/V "Starlight" was delivered to the Company on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 30, 2018.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company performed the undiscounted cash flow test as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> for those operating vessels whose carrying values were above their respective market values, and determined that the net book value of its vessels held for use was recoverable.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All the Company’s vessels have been mortgaged as security for the Company’s loans (refer Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8</div>).</div></div>
80712825
103039369
137119350
64439364
81979636
110637462
81979636
110637462
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Vessels</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: -35.45pt; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Vessels are stated at cost, which comprises the vessel contract price, costs of major repairs and improvements upon acquisition, direct delivery and other acquisition expenses to prepare the vessel for her initial voyage, less accumulated depreciation and impairment, if any. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. <div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessels under construction are presented at cost, which includes shipyard installment payments and other vessel costs incurred during the construction period that are directly attributable to the construction of the vessels, including interest costs incurred during the construction period.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Expenditures for vessel repair and maintenance are charged against income in the period incurred.</div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; border-bottom: Black 1pt solid"><div style=" font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"> </div><div style=" font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">Costs</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated <br />Depreciation</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Book <br />Value</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-indent: -21.3pt; padding-left: 21.3pt">Balance, January 1, 2017</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80,712,825</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(16,273,461</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">64,439,364</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: -14.2pt; padding-left: 14.2pt">- Delivery of M/V “Alexandros P”</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,807,934</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,807,934</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: -21.3pt; padding-left: 21.3pt">- Delivery of M/V “Tasos”</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,503,464</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,503,464</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: -21.3pt; padding-left: 21.3pt">- Capitalized expenses</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,146</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,146</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; text-indent: -21.3pt; padding-left: 21.3pt">- Depreciation for the year</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,786,272</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,786,272</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-indent: -21.3pt; padding-left: 21.3pt">Balance, December 31, 2017</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">103,039,369</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(21,059,733</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">81,979,636</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: -14.2pt; padding-left: 14.2pt">- Delivery of M/V “Ekaterini”</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,869,382</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,869,382</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: -21.3pt; padding-left: 21.3pt">- Delivery of M/V “Starlight”</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,210,599</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,210,599</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; text-indent: -21.3pt; padding-left: 21.3pt">- Depreciation for the year</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,422,155</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,422,155</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-indent: -21.3pt; padding-left: 21.3pt">Balance, December 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">137,119,350</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(26,481,888</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">110,637,462</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table></div>
P25Y
167019
0
0
780135
1409716
1701340
1250000
520626
693524
731456
213500
179000
101100
104148
253503
324178
26178
31138
42421
59710
48734
66292
520626
693524
731456
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.</div></div></td> <td style="width: 5pt"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Related Party Transactions</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; text-indent: -0.5in; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Managers (see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) provided technical and commercial vessel management for a fixed daily fee per vessel of Euro <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">685</div> for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> Vessel management fees paid to the Managers amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$780,135,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,409,716</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,701,340</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively, and are recorded under "Related party management fees" in the consolidated statements of operations. An additional fixed management fee is paid to Eurobulk relating to executive compensation. The amount of such executive compensation allocated to the Company prior to the Spin-off was based on the proportion of the number of calendar days that related to EuroDry's vessels to the number of days of the entire fleet of Euroseas. After the Spin-off, the annual compensation for such services was set at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,250,000.</div> This amount was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$520,626,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$693,524</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$731,456</div> for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively, and is recorded in “Other general and administrative expenses” in the consolidated statements of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Euroseas' Master Management Agreement ("MMA") with the Managers provides for an annual adjustment of the daily vessel management fee due to inflation to take effect on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1 </div>of each year. The vessel management fee for laid-up vessels is half of the daily fee. This MMA, as periodically amended and restated, will automatically be extended after the initial <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div>-year period for an additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div>-year period unless terminated on or before the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90th</div> day preceding the initial termination date. Pursuant to the MMA, each ship-owning company has signed – and each future ship owning company when a vessel is acquired will sign - with the Managers, a management agreement with the rate and term of these agreements set in the MMA effective at such time.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The MMA was amended and restated on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2012 </div>to reflect a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5%</div> discount on the daily vessel management fee for the period during which the number of the Euroseas-owned vessels (including vessels in which Euroseas is a part owner) managed by the Managers is greater than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div> ("volume discount"); it was renewed on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2014 </div>for a new <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> year term until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Starting <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2013, </div>the daily vessel management fee was adjusted to Euro <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">720</div> per day per vessel in operation and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">360</div> Euros per day per vessel in lay-up before the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5%</div> discount. The fee remained unchanged for the subsequent years starting <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2014, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The MMA was further renewed on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018 </div>for an additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> year term until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2023 </div>with the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5%</div> volume discount permanently incorporated in the daily management fee. The daily management fee remained unchanged at Euro <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">685</div> for the year <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and will be adjusted annually for inflation in the Eurozone. EuroDry signed new MMAs with the Managers which took effect after the completion of the spin-off. EuroDry's MMAs are substantially on the same terms as the MMA between Euroseas and Eurobulk relating to the vessels that were previously owned by Euroseas. The fee will remain unchanged for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The vessels M/V “Xenia”, M/V “Alexandros P.”, M/V “Tasos” and M/V “Ekaterini” are managed by Eurobulk FE, which provides technical, commercial and accounting services. The remaining fleet of the Company (M/V “Pantelis, M/V “Eirini P.” and M/V “Starlight”) is managed by Eurobulk.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amounts due to or from related companies represent net disbursements and collections made on behalf of the ship-owning companies by the Managers during the normal course of operations for which a right of off-set exists. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the amounts due from related companies were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,706,259</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,967,444</div> respectively. Based on the MMA, an estimate of the quarter’s operating expenses, expected dry-dock expenses, vessel management fee and fee for management executive services are to be advanced by the Company’s ship-owning subsidiaries in the beginning of the quarter to the respective Manager.</div> <!-- Field: Page; Sequence: 24; Value: 1 --> <table style="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; min-width: 700px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top; text-align: justify"><td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the amount Due to former Parent Company was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$24,585,518</div> and refers to payments made by Euroseas on behalf of the Subsidiaries in relation to: (i) the shipbuilding contracts for the construction of Hull <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">DY160</div> amounting to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10.1</div> million, (ii) the shipbuilding contract for the construction of Hull <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">YZJ2013</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1153</div> amounting to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8.8</div> million, (iii) the acquisition of M/V “Tasos” amounting to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.5</div> million and (iv) restricted cash requirements amounting <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.2</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amount Due to former Parent Company as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>amounting to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$24,585,518</div> was allocated or settled through the issuance of EuroDry Series B Preferred shares during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> as follows: (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$17,806,879</div> to the Series B Preferred shares balance of the Company that would be outstanding as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>as a result of the distribution of EuroDry Series B Preferred Shares representing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> of the outstanding Series B Preferred stock of Euroseas on the spin-off date (refer to Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div>), (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,490,106</div> was allocated to equity of the Company for contributions for the construction cost of the newbuilding vessels spun-off paid in prior years comprising the amount recognized as loss on termination of the shipbuilding contract of Hull <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> DY <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">161</div> and impairment of the shipbuilding contract of Hull <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">YZJ2013</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1153</div> (named “Ekaterini”) and (iii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,288,533</div> as a reduction to the "Due from related companies" receivable. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>there was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> amount Due to former Parent Company.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company uses brokers for various services, as is industry practice. Eurochart S.A. (“Eurochart”), a company controlled by certain members of the Pittas family, provides vessel sale and purchase services, and chartering services to the Company whereby the Company pays commission of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1%</div> of the vessel sales price and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.25%</div> of charter revenues. A commission of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1%</div> of the purchase price is also paid to Eurochart by the seller of the vessel for acquisitions the Company makes. The Company withheld and then paid to Eurochart a commission of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$213,500</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> on behalf of Eurochart, for payments made under the shipbuilding contract for M/V "Xenia." During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> the Company withheld commissions of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$179,000,</div> on behalf of Eurochart, for payments made under the shipbuilding contracts for Hull <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> DY <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">160,</div> Hull <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">YZJ2013</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1153</div> and for the acquisition of M/V "Tasos". In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2018 </div>the Company paid <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$101,100</div> to Eurochart for the acquisition of M/V “Starlight”. Commissions to Eurochart for chartering services totaled <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$104,148,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$253,503</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$324,178</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively, recorded in “Commissions” in the consolidated statements of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain members of the Pittas family, together with another unrelated ship management company, have formed a joint venture with the insurance broker Sentinel Maritime Services Inc. ("Sentinel"); and with a crewing agent Technomar Crew Management Services Corp ("Technomar"). Technomar is a company owned by certain members of the Pittas family, together with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> other unrelated ship management companies. Sentinel is paid a commission on insurance premiums <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> exceeding <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5%;</div> Technomar is paid a fee of about <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$50</div> per crew member per month. Total fees charged by Sentinel and Technomar were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$26,178</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$31,138</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$42,421</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$59,710</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$48,734</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$66,292</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively. These amounts are recorded in "Vessel operating expenses" in the consolidated statements of operations.</div></div>
400000
1000000
1250000
450000
2347000
1813229
23337271
502307
894499
828955
1250000
2750000
2550000
-9656772
-9102266
0
0
0
8331821
16985607
25934204
3294608
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Revenue and expense recognition</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Revenues are generated from time charters and voyage charters. Under a time charter agreement a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. Under a voyage charter agreement, a contract is made in the spot market for the use of a vessel for a specific voyage to transport a specified agreed upon cargo at a specified freight rate per ton or occasionally a lump sum amount. Under a voyage charter agreement, the charter party generally commits to a minimum amount of cargo and the charterer is liable for any short loading of cargo or "dead" freight.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company’s time charter agreements are classified as operating leases pursuant to ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div> “Leases”, according to which revenues under operating lease arrangements are recognized when a charter agreement exists, the charter rate is fixed and determinable, the vessel is made available to the lessee and collection of the related revenue is reasonably assured. Revenues are recognized ratably on a straight line basis over the period of the respective charter agreement in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840,</div> adjusted for the off-hire days that a vessel spends undergoing repairs, maintenance or upgrade work. A time charter contract is deemed to commence from the time of the delivery of the vessel to an agreed port and is deemed to end upon the re-delivery of the vessel at an agreed port.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2014, </div>the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09,</div> "Revenue from Contracts with Customers", which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This standard is effective for public entities with reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2017 </div>and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company adopted the provisions of the new standard on revenue from contracts with customers (ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>) on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018 </div>and elected to use the modified retrospective transition method for the implementation of this standard. The implementation of this standard did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have an impact on the Company’s financial statements, as the Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have any voyage charters in progress as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> Revenues from voyage charters were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nil</div> for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Voyage charter agreements are considered service contracts that fall under the provisions of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> because the Company as the shipowner retains the control over the operation of the vessel such as directing the routes taken or the vessel speed. The Company accounts for a voyage charter when all the following criteria are met: (i) the parties to the contract have approved the contract in the form of a written charter agreement or fixture recap and are committed to perform their respective obligations, (ii) the Company can identify each party’s rights regarding the services to be transferred, (iii) the Company can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of the future cash flows is expected to change as a result of the contract) and (v) it is probable that the Company will collect substantially all of the consideration to which it will be entitled in exchange for the services that will be transferred to the charterer. The Company has determined that there is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> single performance obligation for each of its voyage contracts, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, the Company has concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company’s performance as the Company performs. Therefore, since the Company’s performance obligation under each voyage contract is met evenly as the voyage progresses, revenue is recognized on a straight line basis over the voyage days from the loading of cargo to its discharge. Prior to the adoption of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> revenue from voyage contracts was recognized from the later of the discharge of the vessel’s previous cargo or the time it receives a contract that is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> cancelable, until the discharge of the current cargo. The majority of revenue from voyage charter agreements is usually collected in advance. During the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> there have only been <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> instances in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> where a vessel was employed under a voyage charter and in both cases the voyage had began and ended in the same period.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 13; Value: 1 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Demurrage income, which is included in “Voyage charter revenue” in the consolidated statements of operations, represents revenue earned from the charterer when loading or discharging time exceeded the stipulated time in the voyage charter agreement. Demurrage income for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> material.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Charter fees received in advance are recorded as a liability (deferred revenue) until charter services are rendered.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Vessel operating expenses are comprised of all expenses relating to the operation of the vessels, including crewing, insurance, repairs and maintenance, stores, lubricants, spares and consumables, professional and legal fees and miscellaneous expenses. Vessel operating expenses are recognized as incurred; payments in advance of services or use are recorded as prepaid expenses. Under voyage charter agreements, voyage expenses relate to bunkers, port charges, canal tolls, and agency fees and are all paid by the Company. Costs incurred prior to loading which are directly related to the voyage <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be deferred if they meet certain conditions, and are amortized over the duration of the voyage from load port to discharge port. Costs incurred during the voyage are expensed as incurred. Under time charter agreements, voyage expenses which are also recognized as incurred by the Company include costs for draft surveys, hold cleaning, postage, extra war risk insurance, bunkers during ballast period and other minor miscellaneous expenses related to the voyage. The charterer is responsible for paying the cost of bunkers and other voyage expenses whilst the vessel is on time charter. Certain voyage expenses paid by the Company, such as extra war risk insurance and holds cleaning <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be recovered from the charterer; such amounts recovered are recorded as other income.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Commissions (address and brokerage), regardless of charter type, are always paid by the Company, are deferred and amortized over the related charter period and are presented as a separate line item in revenues to arrive at net revenues in the accompanying consolidated statements of operations.</div></div></div></div></div></div></div></div></div></div></div></div></div>
452868
1122196
1411333
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">December 31, 2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">December 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt; text-align: left; padding-left: 0.4pt">Accrued payroll expenses</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">118,644</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0pt 0">74,169</div></div> </td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 0.4pt">Accrued interest expense</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">398,934</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">694,437</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 0.4pt">Accrued general and administrative expenses</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">114,432</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 0.4pt">Accrued commissions</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">69,631</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,039</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.4pt">Other accrued expenses</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">449,818</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0pt 0">268,132</div></div> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; padding-left: 0.4pt">Total</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,037,027</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,166,209</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Borrower</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, <br /> 2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, <br /> 2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; text-align: left">Pantelis Shipping Corp.</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 14%; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(a)</div></td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,440,000</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Eirini Shipping Ltd. / Areti Shipping Ltd.</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(b)</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,600,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,820,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Kamsarmax One Shipping Ltd.</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(c)</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,399,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,465,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Ultra One Shipping Ltd.</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0pt 0">(d), (e)</div></div> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,383,271</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,000,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Kamsarmax Two Shipping Ltd</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(f)</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,600,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Light Shipping Ltd. / Areti Shipping Ltd. / Pantelis Shipping Corp.</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(g)</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,000,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38,822,271</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">63,885,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Less: Current portion</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,162,972</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0pt 0">(7,071,444</div></div> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Long-term portion</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(30,659,299</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(56,813,556</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Deferred charges, current portion</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">195,705</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">140,789</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Deferred charges, long-term portion</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">295,264</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">385,456</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Long-term bank loans, current portion net of deferred charges</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,967,267</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,930,655</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Long-term bank loans, long-term portion net of deferred charges</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,364,035</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">56,428,100</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">Derivatives not designated as hedging instruments</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Location of gain (loss) recognized</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Year Ended December 31, 2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Year Ended December 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 25%; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Interest rate swap contracts– Unrealized gain / (loss)</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="width: 24%; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Gain on derivatives, net</div></td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 22%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,453</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 22%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(45,773</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Interest rate swap contracts - Realized (loss) / gain</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Gain on derivatives, net</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,286</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,209</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">FFA contract – Fair value</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Gain on derivatives, net</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,350</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Total net gain on derivatives</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,167</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,786</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">Derivatives not designated as hedging instruments</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Balance Sheet Location</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 1pt solid">December 31, 2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 1pt solid">December 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 25%; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">FFA contract</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="width: 24%; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Long-term assets– Derivatives</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 22%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 22%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,350</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Interest rate swap contracts</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Long-term assets – Derivatives</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,453</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,680</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Total derivative assets</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,453</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55,030</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2016</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; padding-left: 0.4pt">Income:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 0.4pt">Net (loss) / income</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0pt 0">(10,141,353</div></div> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0pt 0">849,701</div></div> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0pt 0">1,119,735</div></div> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 0.4pt">Dividends to Series B preferred shares</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0pt 0">-</div></div> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0pt 0">-</div></div> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0pt 0">(565,229</div></div> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 55%; font-size: 10pt; text-align: left; padding-left: 0.4pt">Net (loss) / income attributable to common shareholders</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(10,141,353</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">849,701</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">554,506</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0.4pt">Basic and diluted earnings per share:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 0.4pt">Weighted average common shares - outstanding</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,633,141</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,213,505</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,232,821</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 0.4pt">Basic and diluted (loss) / earnings per share</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6.21</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.38</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.25</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><div style=" margin: 0pt 0">December 31,</div> 2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><div style=" margin: 0pt 0">December 31,</div> 2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt">Lubricants</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">418,650</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">533,300</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">Victualing</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">33,541</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">33,647</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-indent: 0in">Total</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">452,191</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">566,947</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">To December 31:</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; font-size: 10pt; text-align: justify">2019</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0pt 0">7,071,444</div></div> </td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">2020</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0pt 0">6,908,889</div></div> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">2021</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0pt 0">13,358,889</div></div> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">2022</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0pt 0">5,626,778</div></div> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">2023</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,619,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">Thereafter</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,300,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Total</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">63,885,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Non-vested Shares</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Shares</td> <td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid; text-align: center">Weighted-Average Grant-Date Fair Value</td> <td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt; border-bottom: Black 1pt solid">Non-vested on May 31, 2018</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,072</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.30</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">Granted</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,090</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.14</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">Vested</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(18,045</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8.30</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">Forfeited</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">Non-vested on December 31, 2018</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,117</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.61</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</td> <td style="font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Charterer</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2016</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; font-weight: bold">A/S Klaveness Chartering</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">52</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold">Amaggi Europe B.V.</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Dampskibsselskabet Norden A/S</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">China National Chartering (Hong Kong) Co., Limited</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Quadra Commodities S.A.</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number <br />of <br />Shares</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Preferred Shares <br />Amount</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style=" font-size: 10pt; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><div style="display: inline; font-weight: bold;">Dividends paid-in-kind</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Issued, May 30, 2018</div></div> </td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,042</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,192,129</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,192,129</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Dividends declared</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">566</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">565,229</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">565,229</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Balance, December 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,608</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,192,129</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">565,229</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,757,358</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Segment reporting</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company reports financial information and evaluates its operations by charter revenue and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> by the type of ship employment for its customers, i.e. voyage or time charters. The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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 under <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> 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.</div></div></div></div></div></div></div></div></div></div></div></div></div>
137517
0
82080
48048
34032
100270
57700
42570
25090
14434
10656
25090
10.14
28072
35117
8.30
9.61
18045
8.30
2500000
150000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Stock incentive plan awards</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Share-based compensation represents vested and non-vested restricted shares granted to officers and directors as well as to non-employees and are included in “Other general and administrative expenses” in the consolidated statements of operations. The shares to employees and directors are measured at their fair value equal to the market value of the Company's common stock on the grant date. The shares that do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> contain any future service vesting conditions are considered vested shares and the total fair value of such shares is expensed on the grant date. The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and the total fair value of such shares is recognized on a straight-line basis over the requisite service period. In addition, non-vested awards granted to non-employees are recognized on a straight-line basis over the remaining period service is provided. The fair value of the awards granted to non-employees are measured at the fair value at each reporting period until the non-vested shares vest and performance is complete.</div></div></div></div></div></div></div></div></div></div></div></div></div>
0.5
0.5
0.5
0.5
0.5
0.5
2279920
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div></div></td> <td style="width: 5pt"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Significant Accounting Policies</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The following are the significant accounting policies adopted by the Company:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Principles of consolidation</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The accompanying consolidated financial statements include the accounts of EuroDry Ltd. and its subsidiaries. Inter-company balances and transactions are eliminated on consolidation.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of estimates</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: -28.35pt; margin: 0pt 0 0pt 28.35pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The preparation of the accompanying consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the stated amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Other comprehensive income / (loss)</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: -35.45pt; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> other comprehensive income / (loss) and accordingly comprehensive income / (loss) equals net income / (loss) for all periods presented. As such, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> statement of comprehensive income / (loss) has been presented.</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Foreign currency translation</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company’s functional currency as well as the functional currency of all its subsidiaries is the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the balance sheet date. Income and expenses denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the date of the transaction. The resulting exchange gains and/or losses on settlement or translation are included in the accompanying consolidated statements of operations.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Cash equivalents</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Cash equivalents are cash in bank accounts, time deposits or other certificates purchased with an original maturity of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months or less.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Restricted cash</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Restricted cash reflects deposits with certain banks that can only be used to pay the current loan installments or are required to be maintained as a certain minimum cash balance per mortgaged vessel and amounts that are pledged, blocked or held as cash collateral.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Trade accounts receivable</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; margin: 0pt 0; text-align: justify">The amount shown as trade accounts receivable, at each balance sheet date, includes estimated recoveries from each voyage or time charter. At each balance sheet date, the Company provides for doubtful accounts on the basis of specific identified doubtful receivables.</div> <div style=" font-size: 10pt; margin: 0pt 0; text-align: justify"> </div> <div style=" font-size: 10pt; margin: 0pt 0; text-align: justify">The Company recorded a provision for doubtful accounts of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$167,019</div> for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018. </div>The Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div></div> record any material provisions for doubtful accounts for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Inventories</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Inventories are stated at the lower of cost and net realizable value, which is the estimated selling price less reasonably predictable costs of disposal and transportation. Inventories are valued using the FIFO (First-In First-Out) method.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0; text-align: justify"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Vessels</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: -35.45pt; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Vessels are stated at cost, which comprises the vessel contract price, costs of major repairs and improvements upon acquisition, direct delivery and other acquisition expenses to prepare the vessel for her initial voyage, less accumulated depreciation and impairment, if any. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. <div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessels under construction are presented at cost, which includes shipyard installment payments and other vessel costs incurred during the construction period that are directly attributable to the construction of the vessels, including interest costs incurred during the construction period.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Expenditures for vessel repair and maintenance are charged against income in the period incurred.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Depreciation</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Depreciation is calculated on a straight line basis over the estimated useful life of the vessel with reference to the cost of the vessel, and estimated scrap value. Remaining useful lives of vessels are periodically reviewed and revised to recognize changes in conditions and such revisions, if any, are recognized over current and future periods. The Company estimates that its vessels have a useful life of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</div> years from the completion of their construction.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Insurance claims and insurance proceeds</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Claims receivable are recorded on the accrual basis and represent the amounts to be received, net of deductibles incurred through each balance sheet date, for which recovery from insurance companies is probable and the claim is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> subject to litigation. Any remaining costs to complete the claims are included in accrued liabilities. Insurance proceeds are recorded according to type of claim that gives rise to the proceeds in the consolidated statements of operations and the consolidated statements of cash flow.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Revenue and expense recognition</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Revenues are generated from time charters and voyage charters. Under a time charter agreement a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. Under a voyage charter agreement, a contract is made in the spot market for the use of a vessel for a specific voyage to transport a specified agreed upon cargo at a specified freight rate per ton or occasionally a lump sum amount. Under a voyage charter agreement, the charter party generally commits to a minimum amount of cargo and the charterer is liable for any short loading of cargo or "dead" freight.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company’s time charter agreements are classified as operating leases pursuant to ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div> “Leases”, according to which revenues under operating lease arrangements are recognized when a charter agreement exists, the charter rate is fixed and determinable, the vessel is made available to the lessee and collection of the related revenue is reasonably assured. Revenues are recognized ratably on a straight line basis over the period of the respective charter agreement in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840,</div> adjusted for the off-hire days that a vessel spends undergoing repairs, maintenance or upgrade work. A time charter contract is deemed to commence from the time of the delivery of the vessel to an agreed port and is deemed to end upon the re-delivery of the vessel at an agreed port.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2014, </div>the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09,</div> "Revenue from Contracts with Customers", which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This standard is effective for public entities with reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2017 </div>and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company adopted the provisions of the new standard on revenue from contracts with customers (ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>) on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018 </div>and elected to use the modified retrospective transition method for the implementation of this standard. The implementation of this standard did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have an impact on the Company’s financial statements, as the Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have any voyage charters in progress as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> Revenues from voyage charters were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nil</div> for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Voyage charter agreements are considered service contracts that fall under the provisions of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> because the Company as the shipowner retains the control over the operation of the vessel such as directing the routes taken or the vessel speed. The Company accounts for a voyage charter when all the following criteria are met: (i) the parties to the contract have approved the contract in the form of a written charter agreement or fixture recap and are committed to perform their respective obligations, (ii) the Company can identify each party’s rights regarding the services to be transferred, (iii) the Company can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of the future cash flows is expected to change as a result of the contract) and (v) it is probable that the Company will collect substantially all of the consideration to which it will be entitled in exchange for the services that will be transferred to the charterer. The Company has determined that there is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> single performance obligation for each of its voyage contracts, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, the Company has concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company’s performance as the Company performs. Therefore, since the Company’s performance obligation under each voyage contract is met evenly as the voyage progresses, revenue is recognized on a straight line basis over the voyage days from the loading of cargo to its discharge. Prior to the adoption of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> revenue from voyage contracts was recognized from the later of the discharge of the vessel’s previous cargo or the time it receives a contract that is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> cancelable, until the discharge of the current cargo. The majority of revenue from voyage charter agreements is usually collected in advance. During the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> there have only been <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> instances in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> where a vessel was employed under a voyage charter and in both cases the voyage had began and ended in the same period.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Demurrage income, which is included in “Voyage charter revenue” in the consolidated statements of operations, represents revenue earned from the charterer when loading or discharging time exceeded the stipulated time in the voyage charter agreement. Demurrage income for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> material.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Charter fees received in advance are recorded as a liability (deferred revenue) until charter services are rendered.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Vessel operating expenses are comprised of all expenses relating to the operation of the vessels, including crewing, insurance, repairs and maintenance, stores, lubricants, spares and consumables, professional and legal fees and miscellaneous expenses. Vessel operating expenses are recognized as incurred; payments in advance of services or use are recorded as prepaid expenses. Under voyage charter agreements, voyage expenses relate to bunkers, port charges, canal tolls, and agency fees and are all paid by the Company. Costs incurred prior to loading which are directly related to the voyage <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be deferred if they meet certain conditions, and are amortized over the duration of the voyage from load port to discharge port. Costs incurred during the voyage are expensed as incurred. Under time charter agreements, voyage expenses which are also recognized as incurred by the Company include costs for draft surveys, hold cleaning, postage, extra war risk insurance, bunkers during ballast period and other minor miscellaneous expenses related to the voyage. The charterer is responsible for paying the cost of bunkers and other voyage expenses whilst the vessel is on time charter. Certain voyage expenses paid by the Company, such as extra war risk insurance and holds cleaning <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be recovered from the charterer; such amounts recovered are recorded as other income.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Commissions (address and brokerage), regardless of charter type, are always paid by the Company, are deferred and amortized over the related charter period and are presented as a separate line item in revenues to arrive at net revenues in the accompanying consolidated statements of operations.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Dry-docking and special survey expenses</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Dry-docking and special survey expenses are expensed as incurred.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Pension and retirement benefit obligations – crew </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The ship-owning companies contract the crews on board the vessels under short-term contracts (usually up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div> months). Accordingly, they are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> liable for any pension or post-retirement benefits.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Financing costs</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Loan arrangement fees are deferred and amortized to interest expense over the duration of the underlying loan using the effective interest method. Unamortized fees relating to loans repaid or refinanced are expensed in the period the repayment or refinancing occurs.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Offering costs</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred offering expenses are charged against paid-in capital when financing is completed or expensed to “Other general and administrative expenses” in the consolidated statements of operations when the offering is aborted.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Stock incentive plan awards</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Share-based compensation represents vested and non-vested restricted shares granted to officers and directors as well as to non-employees and are included in “Other general and administrative expenses” in the consolidated statements of operations. The shares to employees and directors are measured at their fair value equal to the market value of the Company's common stock on the grant date. The shares that do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> contain any future service vesting conditions are considered vested shares and the total fair value of such shares is expensed on the grant date. The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and the total fair value of such shares is recognized on a straight-line basis over the requisite service period. In addition, non-vested awards granted to non-employees are recognized on a straight-line basis over the remaining period service is provided. The fair value of the awards granted to non-employees are measured at the fair value at each reporting period until the non-vested shares vest and performance is complete.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Impairment of long-lived assets</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company reviews its long-lived assets “held and used” for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recoverable. If indicators of impairment are present, the Company performs an analysis of the anticipated undiscounted future net cash flows of the related long-lived assets. When the estimate of future undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company evaluates the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. In this respect, management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company’s vessels.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Derivative financial instruments</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Derivative instruments are recorded in the balance sheet as either an asset or liability measured at its fair value with changes in the instruments' fair value recognized as either a component in other comprehensive income if specific hedge accounting criteria are met in accordance with guidance relating to “Derivatives and Hedging” or in earnings if hedging criteria are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> met.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Preferred shares</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Preferred shares are recorded at the initial amount of preferred stock assumed based on the initial consideration received by the former Parent Company less offering expenses and adjusted by including the redemption value of dividends paid in-kind. The Company recognizes changes in the redemption value of the preferred shares immediately as they occur and adjusts the carrying amount of the preferred shares to equal the redemption value at the end of each reporting period to that effect.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Earnings / (loss) per common share</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: -35.45pt; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Basic earnings / (loss) per share is computed by dividing net income/(loss) attributable to common shareholders, after the deduction of dividends paid (in cash or in-kind) to preferred shareholders, by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include any potentially dilutive securities or any non-vested restricted shares of common stock. These non-vested restricted shares, although classified as issued and outstanding as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>are considered contingently returnable until the restrictions lapse and are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> included in the basic net income per share calculation until the shares are vested.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Diluted earnings / (loss) per share gives effect to all potentially dilutive securities to the extent that they are dilutive, using the treasury stock method. The Company uses the treasury stock method for non-vested restricted shares, while for the preferred shares issued the Company uses the if-converted method to assess the dilutive effect.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Segment reporting</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company reports financial information and evaluates its operations by charter revenue and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> by the type of ship employment for its customers, i.e. voyage or time charters. The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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 under <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> 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.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Recent accounting pronouncements</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> “Leases (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>)”, which amends the existing accounting standard for lease accounting and adds additional disclosures about leasing arrangements. ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> requires lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by most leases, while lessor accounting remains largely unchanged. ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842,</div> as amended, subject to certain transition relief options, requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, or allows entities to elect <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to recast the comparative periods presented when transitioning to ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> and to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> also provides a practical expedient to lessors by class of underlying asset, to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> separate non lease components from the associated lease component, similar to the expedient provided for lessees, when the following criteria are met i) the timing and pattern of transfer for the lease component is the same as those for the non-lease component associated with that lease component and (ii) the lease component, if accounted for separately, would be classified as an operating lease. ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> is effective for public entities with reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018, </div>including interim periods within those fiscal periods. Early adoption is permitted for all entities. The Company will adopt ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> for its reporting period commencing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019 </div>and has elected <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to recast the comparative periods presented when transitioning to ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842.</div> The Company’s time charter agreements are classified as operating leases pursuant to ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842,</div> because (i) the vessel is an identifiable asset, (ii) the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel, during the term of the contract, and derives the economic benefits from such use. The nature of the lease component and non-lease component that were combined as a result of applying the practical expedient are the contract for the hire of a vessel and the fees for operating and maintaining the vessel respectively. The Company has elected <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to separate the lease and non-lease components. The lease component is the predominant component and the Company accounts for the combined component as an operating lease in accordance with Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842.</div> Since lessor accounting remains largely unchanged from current U.S. GAAP, the implementation of this standard will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a significant impact on the Company’s financial statements, however it will increase the disclosures relating to the Company’s leasing arrangements.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,</div> Financial Instruments - Credit Losses. The main objective of this Update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments in this Update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The ASU requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2018, </div>FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19</div> “Codification Improvements to topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326,</div> Financial Instruments-Credit Losses”. The amendments in this update clarify that operating lease receivables are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> within the scope of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div> and should instead be accounted for under the new leasing standard, ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842.</div> For public business entities, the amendments in this Update are effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2019, </div>including interim periods within those fiscal years. Early application is permitted. The adoption of this ASU is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expected to have a material effect on the Company’s consolidated financial statements and accompanying notes.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">07,</div> Improvements to Nonemployee Share-Based Payment Accounting (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">718</div>). This ASU expands the scope of Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">718,</div> which currently only includes share-based payments issued to employees, to also include share-based payments issued to nonemployees for goods and services. Currently, nonemployee awards are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever can be more reliably measured. Under ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">07,</div> equity-classified nonemployee awards within the scope of Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">718</div> will be measured at grant-date fair value. The ASU simplified the accounting for share-based payments granted to nonemployees for goods and services, therefore guidance on such payments to nonemployees would be mostly aligned with the requirements for share-based payments granted to employees. The amendments in this ASU are effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018, </div>with early adoption permitted. The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> believe this ASU will have a material impact on its consolidated financial statements.</div> <div style=" font-size: 10pt; text-transform: uppercase; text-align: justify; text-indent: 0in; margin: 0pt 0"><div style="display: inline; text-transform: none"> </div></div><div style=" font-size: 10pt; text-align: justify; text-indent: -35.45pt; margin: 0pt 0 0pt 35.45pt"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,</div> Fair Value Measurement (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820</div>): Disclosure Framework – Changes to the disclosure requirements for fair value measurement. The amendments in this Update modify the disclosure requirements on fair value measurements in Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820,</div> Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2019. </div>The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this Update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective date. The adoption of this ASU is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expected to have a material effect on the Company’s consolidated financial statements and accompanying notes.</div></div>
2254830
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5700
2254830
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-365120
32779443
32414323
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41603370
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Preferred shares</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Preferred shares are recorded at the initial amount of preferred stock assumed based on the initial consideration received by the former Parent Company less offering expenses and adjusted by including the redemption value of dividends paid in-kind. The Company recognizes changes in the redemption value of the preferred shares immediately as they occur and adjusts the carrying amount of the preferred shares to equal the redemption value at the end of each reporting period to that effect.</div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17.</div></div></td> <td style="width: 5pt"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Subsequent Events</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0 0pt 0.25in"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The following events occurred after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2019, </div>the Company entered into a term sheet with HSBC Bank PLC for a loan up to the lesser of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49.9%</div> of the market value of M/V “Eirini P” and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.5</div> million to refinance the existing indebtedness of Eirini Shipping Ltd. The outstanding amount of the loan that will be refinanced will be payable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twelve</div> consecutive quarterly equal instalments in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$200,000</div> each, commencing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months after drawdown, with a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,100,000</div> balloon payment to be paid together with the last installment. The interest rate margin is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.70%</div> over LIBOR. The loan will be secured with (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> priority mortgage over the aforementioned vessel, (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> assignment of earnings and insurance of the aforementioned vessel and (iii) other covenants and guarantees similar to the remaining loans of the Company. The respective loan is expected to be drawn in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div></div></div>
18757358
565229
0.01
0.01
20000000
20000000
0
19608
0
19608
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Trade accounts receivable</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; margin: 0pt 0; text-align: justify">The amount shown as trade accounts receivable, at each balance sheet date, includes estimated recoveries from each voyage or time charter. At each balance sheet date, the Company provides for doubtful accounts on the basis of specific identified doubtful receivables.</div> <div style=" font-size: 10pt; margin: 0pt 0; text-align: justify"> </div> <div style=" font-size: 10pt; margin: 0pt 0; text-align: justify">The Company recorded a provision for doubtful accounts of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$167,019</div> for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018. </div>The Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div></div> record any material provisions for doubtful accounts for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div></div></div></div></div></div></div></div></div></div></div></div>
51453
3577
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of estimates</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: -28.35pt; margin: 0pt 0 0pt 28.35pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The preparation of the accompanying consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the stated amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div></div></div></div></div></div></div></div></div></div></div></div></div>
1633141
2213505
2232821
This loan is a $13,000,000 loan drawn by Pantelis Shipping Corp. on December 15, 2009. The loan was payable in 32 consecutive quarterly instalments, four in the amount of $500,000 and twenty-eight in the amount of $280,000, with a $3,160,000 balloon payment to be paid together with the final instalment in September 2017. The loan bore interest at LIBOR plus a margin of 2.70%. The loan was secured with the following: (i) first priority mortgage over M/V "Pantelis", (ii) first assignment of earnings and insurance of M/V "Pantelis", (iii) a corporate guarantee of Euroseas Ltd. (replaced by EuroDry Ltd. following the Spin-off) and (iv) a minimum cash balance equal to an amount of no less than $300,000 in an account maintained by Pantelis Shipping Corp. maintained with HSBC Bank Plc. On September 30, 2016, the Company signed a Supplemental Agreement with HSBC Bank PLC to defer the six remaining consecutive quarterly instalments of $280,000 each (being $1,680,000 in aggregate) until (a) 29 September 2017 (being the initial final repayment date together with the balloon payment of $3,160,000 in one bullet payment of $4,840,000) or (b) to extend the final repayment date of the deferred amount and the balloon payment until 29 December 2018 if Euroseas agreed with the current lender of M/V "Evridiki G" (being Credit Agricole) or any other bank the extension of the repayment date of her balloon instalment at least until her current charter matures in the first quarter of 2018, which was finally agreed. In this case, the outstanding amount of $4,840,000 would be paid in four quarterly instalments, the first two instalments of $280,000 each, the third instalment in the amount of $560,000 and the fourth instalment of $3,720,000 comprised by $560,000 and the balloon payment. The first instalment was paid in March 2018 and the following instalments at quarterly intervals thereafter and the last one in December 2018. The asset coverage ratio was reduced from 130% to 75% until December 31, 2017. A cash sweep mechanism was put in place until the entire deferred amount is repaid. A cash collateral amount of $300,000 (corresponding to the minimum cash balance requirement) was pledged in the cash collateral account of the owner of M/V "Eirini P"/M/V "Tasos" or of Euroseas as corporate guarantor. A prepayment of $0.4 million was also made within 2017 and a prepayment of $1.0 million was made in 2018 for the loan of Pantelis Shipping Corp. These prepayments were deducted from balloon repayment of the said loan based on the agreement between Euroseas and HSBC Bank Plc. The loan was fully repaid and refinanced by the National Bank of Greece, as explained in note (g) below, in November 2018.
This loan is a $15,300,000 loan drawn by Eirini Shipping Ltd. and Eleni Shipping Ltd. jointly, ("Eirini Loan"), on June 25, 2014. The parties agreed in principle on September 30, 2016 to replace one of the underlying collaterals of the Eirini Loan (M/V "Eleni P") with a similar vessel, which in December 2016, was approved to be M/V "Tasos" (owned by Areti Shipping Ltd.). The loan was payable in 20 equal consecutive quarterly instalments of $350,000 each, with an $8.3 million balloon payment to be paid together with the final instalment in June 2019. The loan bears interest at LIBOR plus a margin of 3.75%. The loan was secured with the following: (i) first priority mortgage over M/V "Eirini P." and M/V "Tasos.", (ii) first assignment of earnings and insurance of M/V "Eirini P." and M/V "Tasos", (iii) a corporate guarantee of Euroseas Ltd. (replaced by EuroDry Ltd. following the Spin-off). On September 30, 2016, the Company signed a Supplemental Agreement with HSBC Bank PLC. The outstanding balance of the "Eirini Loan" of $12,850,000 prior to the closing of the Supplemental Agreement was reduced to $11,600,000 via prepayment using the cash collateral of $1,250,000 (which was effected after the signing of the Supplemental Agreement). In addition, seven principal instalments of $350,000 each, from June 2016 to December 2017 were deferred. Repayment of the loan resumed in March 2018 and the outstanding balance of $11,600,000 will be repaid in two quarterly instalments of $350,000 each, four of $725,000 each plus a balloon payment of $8,000,000 due in May 2019. The asset coverage ratio was reduced from 130% to 75% until December 31, 2017. A cash sweep mechanism was put in place until the entire deferred amount is repaid. A cash collateral amount of $600,000 (corresponding to the minimum cash balance requirement) is to be pledged in the cash collateral account of M/V "Eirini P" / M/V "Tasos". For the avoidance of doubt the aforementioned cash collateral is in addition to the cash collateral required to be maintained in the cash collateral account pursuant to the loan agreement of Pantelis Shipping Corp. M/V "Eleni P" was sold on January 26, 2017 and the proceeds from the sale were contributed to the Company by Euroseas during 2017 and were used to partly pay for the acquisition of M/V "Tasos". HSBC Bank Plc. agreed to the sale of M/V "Eleni P" and the substitution of such vessel with M/V "Tasos" as collateral for the loan. A prepayment of $0.45 million was also made within 2018, which was deducted from the balloon repayment of the said loan based on the agreement between Euroseas and HSBC Bank Plc. The loan was partly repaid in December 2018 through the refinancing by the National Bank of Greece as explained in note (g) below. The only vessel remaining in the facility is Eirini P whilst there are two quarterly principal payments of $405,000 each ,due in 2019 and a balloon amount of $4,010,000 million due on May 26, 2019 to be paid together with the last instalment. The Security Cover ratio for this facility stands at 130%. In April 2019, the Company entered into a term sheet with HSBC Bank PLC to refinance the specific loan, as explained in Note 17.
On February 17, 2016, the Company signed a term loan facility with Nord LB and, on February 25, 2016, a loan of $13,800,000 was drawn by Kamsarmax One Shipping Ltd. to partly finance the pre-delivery installment of M/V "Xenia". The loan is to be repaid in fourteen consecutive equal semi-annual installments of $467,000 plus a balloon amount of $7,262,000. The loan bears interest at LIBOR plus a margin of 2.95%. The loan is secured with (i) first priority mortgage over M/V "Xenia", (ii) first assignment of earnings and insurance of M/V "Xenia", (iii) a corporate guarantee of Euroseas Ltd (replaced by EuroDry Ltd. following the Spin-off) and other covenants and guarantees similar to the rest of the loans of the Company.
On March 20, 2015, the Company signed a term loan facility with HSH Nordbank AG of up to the lesser of $19.00 million or 62.5% of the market value of Hull No. DY160 (named Alexandros P) upon its delivery to partly finance the construction cost. A commitment fee of 0.9% per annum was payable until the loan was drawn. On April 28, 2016 and on October 27, 2016, the Company signed supplemental loan agreements to the term loan facility signed on March 20, 2015 extending the allowed drawdown period until October 31, 2016 and subsequently until January 31, 2017 to account for delays in the construction of the Hull No. DY160, and reducing the maximum loan amount to 55% of the market value of the vessel at delivery. On January 25, 2017 the Company drew $10,862,500 from HSH Nordbank AG, to partly finance the pre-delivery installment of M/V "Alexandros P". The loan is payable in thirteen equal consecutive quarterly instalments of $159,743 each commencing from April 2017, with a balloon payment of $8,785,841 to be paid together with the last instalment in April 2020. The loan bears interest at LIBOR plus a margin of 3.00%. The loan is secured with (i) first priority mortgage over M/V "Alexandros P.", (ii) first assignment of earnings and insurance of M/V "Alexandros P.", (iii) a corporate guarantee of Euroseas Ltd (replaced by EuroDry Ltd. following the Spin-off) and other covenants and guarantees similar to the rest of the loans of the Company. This loan was fully refinanced in October 2018 by Eurobank as explained in note (e) below.
On October 1, 2018, the Company signed a term loan facility with Eurobank Ergasias S.A. (EFG) of up to $15.00 million or the 60% of the market value of M/V "Alexandros P.", for the purpose of refinancing the outstanding loan facility of HSH Nordbank AG and providing working capital. The new facility was drawn in October 2018. The loan is payable in twenty eight consecutive equal quarterly instalments of $235,000 each, followed by a balloon payment of $8,420,000 to be paid together with the last instalment in October 2025. The loan bears interest at LIBOR plus a margin of 3.25%. The loan is secured with (i) first priority mortgage over M/V "Alexandros P.", (ii) first assignment of earnings and insurance of M/V "Alexandros P.", (iii) a corporate guarantee of EuroDry Ltd and other covenants and guarantees similar to the rest of the loans of the Company. The Security Cover ratio for this facility stands at 120%. The Company paid loan arrangement fees of $135,000 for this loan.
On April 27, 2018, the Company signed a term loan facility with HSBC Bank plc. of $18.4 million drawn by Kamsarmax Two Shipping Ltd. to finance 70% of the construction cost but no more than 70% of the market value of M/V "Ekaterini", subject to the existence of a time charter at the time of drawdown, for a minimum period of 24 months approved by the lender. The loan is payable in twenty consecutive quarterly instalments, eight in the amount of $400,000 and twelve in the amount of $325,000, with a $11,300,000 balloon payment to be paid together with the last instalment in April 2023. The interest rate margin is 2.80% over LIBOR. The loan will be secured with (i) first priority mortgage over M/V "Ekaterini", (ii) first assignment of earnings and insurance of M/V "Ekaterini" and (iii) other covenants and guarantees similar to the remaining loans of the Company. The Security Cover ratio for this facility stands at 130%. The Company paid loan arrangement fees of $147,200 for this loan.
On November 27, 2018, the Company signed a term loan facility with the National Bank of Greece S.A. (NBG) and a loan of $15,000,000 was drawn by Light Shipping Ltd., Areti Shipping Ltd. and Pantelis Shipping Corp. for the purpose of refinancing the existing loans with HSBC Bank PLC regarding M/V "Pantelis" and M/V "Tasos" and financing part of the acquisition cost of M/V "Starlight". The loan is payable in twelve consecutive equal quarterly installments of $700,000, commencing from February 2019, plus a balloon amount of $6,600,000 to be paid together with the last instalment in November 2021. The margin of the loan is 3.25% above LIBOR. The loan is secured with (i) first priority mortgages over M/V "Starlight", M/V "Pantelis " and M/V "Tasos" (ii) first assignment of earnings and insurance of M/V "Starlight", M/V "Pantelis " and M/V "Tasos", (iii) a corporate guarantee of EuroDry Ltd and other covenants and guarantees similar to remaining loans of the Company. The Security Cover ratio for this facility stands at 125%. The Company paid loan arrangement fees of $150,000 for this loan.
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