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The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
EAGLE BULK SHIPPING INC SHS NEW Y2187A143 2,003 447,011 SH   DFND   447,011 0 0
GENCO SHIPPING & TRADING LTD SHS Y2685T131 13,472 1,011,408 SH   DFND   1,011,408 0 0
GULFMARK OFFSHORE INC COM 402629505 21,699 761,648 SH   DFND   761,648 0 0
SCORPIO BULKERS INC COM Y7546A122 2,207 298,303 SH   DFND   298,303 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 1,016 3,808 SH   DFND   3,808 0 0
TIDEWATER INC NEW COM 88642R109 9,925 406,778 SH   DFND   406,778 0 0